Purchasing a home is a significant milestone, and the offer journey is where the excitement truly begins. Knowing what to expect can help you approach this process with assurance and avoid any undue stress.

The initial phase involves proposing your offer. Once you've identified the property you desire, you'll typically submit your offer through the selling agent. They'll convey your proposed price and any conditions, such as whether your offer is contingent on selling your current home. It's prudent to have your finances in order—having proof of a mortgage in principle and your deposit funds can bolster your position and demonstrate to the seller that you're serious.

Following this is negotiation and feedback. The seller may accept, reject, or counter your offer. This exchange is entirely normal. If there are multiple interested buyers, you might be asked to submit your "best and final" offer. It's important to remain composed, establish a firm budget, and resist getting caught up in the emotion of the moment.

When your offer is accepted, the property is generally marked as "Sold Subject to Contract" (SSTC). This indicates that both parties have agreed in principle, but nothing is legally binding yet. You'll then instruct your solicitor or conveyancer to commence the legal checks and contracts.

In the subsequent stages, you'll arrange your mortgage valuation and survey. Meanwhile, your solicitor will conduct searches and exchange contracts when both sides are ready. Once contracts are exchanged, the sale becomes legally binding—your new home is almost yours!

By understanding each part of the journey, you can remain proactive and informed, bringing you closer to holding those keys. And remember, if you need expert guidance, we're here to help at Maddisons Residential!

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.