Telling
the Estate Agent the price you're prepared to pay is known as "making
the offer". This can be the start of a lengthy negotiation.
Your
offer may actually be at a slightly higher price than the seller's asking for
- especially if the property's hot and you think other people may beat you to
it. If property prices are going up, don't offer less than the asking price.
If
not, make a reasonable offer but be prepared to
raise it.
Make
your offer "Subject to contract and without prejudice"
Your
offer would usually be made with a phone call and would not be legally binding.
However if you're asked to put it in writing make sure you put
"SUBJECT
TO CONTRACT AND WITHOUT PREJUDICE" at the top of any letters.
Otherwise
what you write is technically legally binding and you could end up in a
pickle if the sellers hold you to it i.e. you'd have to buy the house even if
you didn't want it anymore. Whoops.
The
agent will be in the middle of the ensuing negotiation. Don't forget that s/he
acts for the seller and not you. They will be trying to get the highest
price possible.
As
the sale proceeds you may be able to get the seller's phone number to discuss
small matters. It may be an idea to try and negotiate during the final stages
with the seller direct.
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