Buying a home is a thrilling milestone, but the offer process can feel a bit daunting. By understanding each part, you can proceed with confidence and ease.
1. Submitting Your Offer
Once you've found a property that feels just right, it's time to submit an offer. This is usually done through the selling agent, who will communicate your proposed price and any conditions, such as whether your offer is dependent on selling your current home. Having your finances in order, like a mortgage agreement in principle and proof of deposit funds, can significantly strengthen your offer.
2. Negotiation and Response
The seller may choose to accept, decline, or propose a different offer. This negotiation is a typical part of the process. In competitive situations with multiple interested buyers, you might be asked to present your "best and final" offer. It's important to remain composed, establish a firm budget, and not let emotions dictate your decisions.
3. Offer Agreed
When the seller agrees to your offer, the property is typically marked as "Sold Subject to Contract" (SSTC). This means both parties have agreed in principle, but nothing is legally binding yet. At this point, it's time to instruct your solicitor or conveyancer to start the legal checks and prepare contracts.
4. Moving Forward
Now, you'll arrange for a mortgage valuation and survey. Meanwhile, your solicitor will conduct necessary searches and prepare for the exchange of contracts. Once contracts are exchanged, the sale becomes legally binding, bringing you one step closer to owning your new home!
Understanding these aspects keeps you informed and proactive, bringing you closer to holding the keys to your new home. For expert guidance throughout your property journey, feel free to reach out to us at Bond Residential.
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