HOW TO GET STARTED WITH BUY TO LET - STEP 5 - MAKING AN OFFER

STEP 5 – MAKING AN OFFER

Welcome back to step 5 in APW’s handy 7 step process.?

1.??Define your goals.

2.??Choose a location

3.??Get a mortgage sorted

4.??Conveyancing - Get your legals sorted.

5.??Making an offer (giving yourself the best chance of success!)

6.??Managing a property

7.??Finding Tenants

APW has set out the process in a handy 32-page ebook:?How to purchase UK property while living overseas.?And if you are impatient to get everything at once, then drop me a note and I will send the ebook. But, if you like your information in smaller, bite-size, chunks then you have come to the right place.

So, if you are following the path, then your goals are defined, you’ve picked a location you like (that works with your goals), got your Decision in Principle from you mortgage lender, you have a legal team, now, it’s time to make an offer on the property that fits the bill!

This one is a little more straight forward than some of the other articles, and may seem like common sense to some. But, to others that have never made an offer on a property before it can be daunting, as it’s all new….

So, as this series is about buy-to-let BASICS, we are going to cover it off here for those that don’t know.

This ones for you brave souls taking your first steps into property!

Everyone is different…

This is how I make an offer on a property.

Everyone is different, and some people may do it in a different way, but this is how I do it – as it works for me.

In simple steps;

• Contact the estate agent through Rightmove or Zoopla (if this is where you have found the property).
• Send them your offer.
• You can do that via phone or via email, whatever you want. ?
• They're legally obliged to pass that on to the seller.?
• Job done.
• Put your feet up and go home.
• Wait for the positive responses to roll in….

Or not as is often the case, as in reality, its not that simple. You need to put yourself in a winning position in this competitive market.

So, how do you put yourself in the best situation possible?

How do you make your offer stand out? Over the past 24 months this has been incredibly important, due to the competitiveness of the market.

Steps below for making an offer stand out;

1 – Call the agent;

Humanise yourself!

Tell them that your interested, give them a bit of a background to yourself, your situation, make your offer.

2 – Email them;

After the call send them an email with the same offer with supporting documents. The reason you call them is just to humanise yourself a bit so they can see you are real and serious (especially if buying from overseas).

What goes into the email? Everything…. This way, they've got all the information ready to pass to the seller, so the seller can make a decision to go with you, yes or no, straightaway.

What are we going to tell them? How do we make our offer as strong as possible?

• Tell them we have got a decision principle in place, attach it.
• Show them we have got deposit money ready to do. Attach proof.
• Tell them your overseas, tell them you are not in a chain and can move straight away. ?

Stress the fact that you are ready, willing and able.

What next?

Once you have done this, it’s up to the seller to accept or not.

How can you stack the odds in your favour?

If your buying for an investment, then you should take the heart out of it, and you should be offering with your head (see head v heart article below);

Offer on all the properties that fit your criteria for buying (set out in the goals stage). If you can offer on 10, then chances are 2-3 will be positive.

Want to take the competition out of buying? Buy off plan.

Buying off-plan mean you can reserve a property with (usually) GBP1-2000. With this it is taken off the market and is secured as yours. No need to make offers or battle against other people.

This worked well for me in 2021, as I couldn’t get back to the UK to view properties (covid lockdowns). Plus,? many sellers wanted potential purchasers to view the properties, or come to open homes, so that they could create a bidding war.

Therefore, I purchased properties off plan. No need to offer, no need to keep bidding, just do your research and purchase quality property based on your goals.

If you don’t know much about off-plan, or what it is? Then have a watch of the below video we did on it a little while ago.

There we go! Short and sweet – how to make an offer. Again, everyone is different, and this is how I do it. The aim is to make your offer as compelling as possible to the seller. If that sounds too much like hard work, then consider off-plan. Always remember to buy based on you goals and don’t over pay for a property.

Next week…. Managing a property and finding tenants!

Thanks,

Callum

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