In a competitive market where the supply of property is limited and there are high levels of demand, it is worth ensuring that you are in the best possible position to make an offer for a property.
With the majority of properties in Scotland going to a Closing Date at which a number of offers are received, here are some tips to help put you in a stronger position.
- Have your funding secured before submitting an offer.
Having a mortgage in place or in principle prior to submitting an offer will put you in a stronger position if pitted against other offering parties who have not secured their funding. A cash offer is generally the strongest offer, and it is not uncommon for a cash offer to be favoured even if it is lower than an offer which is subject to finance. It is advisable to submit proof of funding with your offer.
It is essential to have a solicitor instructed at the earliest opportunity. This ensures that they know you and your situation and can best advise you throughout all stages of a purchase. It is important to use a solicitor who knows about the type of property you are trying to buy, for example using a firm with a good rural department when trying to buy a farm or estate.
- Communication with the selling agent
Keeping an open line of communication with the selling agent of a property can be very helpful for gauging what other interest there is in a property which in turn can assist a buyer in making a decision on what figure to offer for a property. This line of communication can be between the buyer and the vendor’s agent or between the buyer’s solicitor and the vendor’s agent.
- Clean offers
When offering for a property it is preferable to a vendor to have offers with as few conditions as possible. For example, if you want to have a survey done of a property, try and get it done before a closing date or before submitting an offer. If suggesting a date of entry in your offer be prepared to be flexible with this to allow the vendor to make their ongoing arrangements.
Should you be considering a rural property purchase in 2022, our dedicated agency team is on hand to provide the expert advice that will help you achieve your objectives.
For a confidential, no-obligation discussion please contact William Dalrymple or a member of the Agency Team on 0131 449 1155.