Making an offer on a property

Making an offer isn't as easy as blurting out a figure – in fact, it can be very tricky. You may be desperate to secure the home of your dreams, but if you need to bring the price down to your suit your budget, it will take time and effort.

Deciding on your offer

In a slow property market, it can be tempting to make a cheekily low offer. But be fair – you can slash the asking price dramatically, but unless you give a good reason you risk losing the property you want. Value the property properly (see our guide to valuing property) as this will either give you grounds to offer less or reassure you that the house is worth the asking price.

Understanding the seller's circumstances

Understand how motivated the seller is – do they need to sell up sooner rather than later or do they have the luxury of being able to wait for top dollar? Maybe they have just lost another buyer, or perhaps need to move as a new baby is due or they have a deadline for a new job or school. They could be desperate for your offer or have plenty of time to wait for a better one.

What is the property worth to you?

Once you have some idea of the seller’s circumstances, consider what the property is worth to you. Does it tick all the boxes on your ‘needs and wishes’ list? If not, what would you have to change and how much would that cost? Can you legitimately reduce your offer? If it’s exactly what you are after it may be worth offering the asking price, especially if you don’t intend to move for several years.

Ask the estate agent whether any other offers have been made. The agent is not legally allowed to tell you how much any other offers were, but may indicate whether or not they were close to the asking price.

Making an offer to an estate agent

When it’s time to make your offer, your research into the value of the property, your understanding of the seller’s circumstances and being clear about your own position are all invaluable.

You may make your offer to the agent either over the phone or in person at their offices. If you're offering the asking price, ensure they take the property off the market immediately and agree a provisional timescale to work towards for completing the purchase.

Make sure that your offer is subject to a survey and mortgage offer, so that after your offer is accepted there is still the opportunity to revise the amount you pay.

Making an offer below the asking price

If your offer is below the asking price be sure to justify your decision. Some examples of acceptable reasons for a reduced offer include:

• A similar property sold a few weeks or months ago at a lower price and the market hasn’t changed.
• The property doesn’t have everything you need. As you will be spending money on improvements, you can argue that you must save that amount on your initial outlay.
• You can only afford the amount you are offering.
• Your surveyor has discovered problems that need to be fixed, such as a leaking roof.
• The mortgage company’s offer is less than the property is worth and you need to reduce your offer as a result.

For expert advice on buying and selling your property, read the  Which? Essential Guide: Buy, Sell and Move House .