You received the long-awaited Agreement in Principle! What to do next? And now the fun begins!
You know how much money the bank is willing to provide you for the purchase of real estate in the UK and are starting the search for your favorite home.
- Go to a UK property sales website and make a selection of properties in your price range and suitable region. Expand your search area. Your favorite home may be 500 metres away, but it will no longer be included in the search if the coverage is narrowed.
- Call all the agencies that sell the property you like. Book your viewing.
- Register with the agency and ask them to send you all the properties in your price category.
- Subscribe to their newsletter. Sometimes agencies do not have time to submit offers for all properties, since after the newsletter goes out the property has already been sold. This will allow you to be in the forefront.
- Book viewings even of those houses that do not visually attract you from the photo. Each of us has good and bad photos. The same thing can happen with real estate.
- View at least 5 properties, preferably 10, before making a decision. It will be easier for you to determine whether the price of the property corresponds to its quality.
- Make an offer. Try bargaining. Most agencies will accept your offer as one of many but will call you back and give you the opportunity to make your best offer.
- When making the offer on the property, don’t rush to offer a high price and chat with the agent. Ask how many offers have already been received, whether there are still people willing to view it, and how competitive your offer is.
- Tell the agent that you have an Agreement in Principle, and the lawyers along with your mortgage broker are just waiting for your command to act. The agency is more interested in the speed of sale rather than the cost. Cost is important to the seller.
- In England (the rules are different in Scotland), the fact that you have made an offer on a house does not oblige you to anything. Make an offer for several properties and you will always have a backup option.
- When your proposal is approved, submit your application to the bank quickly!
Remember! The seller wants to sell the property just as badly as you want to buy it. On average the home buying process takes about 2-3 months. It is important that you choose your favourite home. Therefore, take your time, be patient and enjoy the process.
