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Property Prices In Fitzrovia, Soho, Covent Garden, Bloomsbury, Marylebone

Before you present your offer to the seller, you may gauge their possible reactions according to the strength of your bargaining position. You have a strong bargaining position, if you are:

• An all-cash buyer; or
  
• Already pre-approved for a mortgage;
  
• and Not dependent on the sale of your present house to buy a new home.

In this case, the seller may be more willing to accept something less than the listed price.

You may be in a good bargaining position if the seller is pressured to sell quickly by factors such as:

• mortgage arrears,
  
• repossesion,
  
• eviction,
  
• divorce,
  
• an estate sale,
  
• the financial pressures of maintaining a vacant home.
  
• chain on their move

In a seller's market, where homes are selling as soon as they come on the market, the buyer's bargaining position is weakened by the large number of competing buyers. So if you find your ideal home in these circumstances, you should act quickly and be prepared to offer the asking price or perhaps even more. And then ask for the property to be removed from the market.

Property Sales: What's In an Offer?

Since your offer, if accepted, becomes a binding sales contract (also known as a purchase agreement), it must include all the key items that will become part of the final property sale. These items typically include:

• Address (sometimes legal description) of the property;
  
• Property sale price;
  
• Terms (all cash or subject to your obtaining a mortgage for a given amount);
  
• Property seller's promise to provide clear title (ownership):
  
• Target date for completion (the actual sale);
  
• Amount of deposit accompanying the offer, and whether it's a cheque or cash (and how it's to be returned to you if the offer is rejected, or kept as damages if you later back out for no good reason);
  
• Method by which community charges, rents, fuel, water bills, and utilities are to be adjusted (prorated) between property buyer and seller;
  
• Provisions about who will pay for title insurance, survey searches and the like;
  
• Type of deed to be given;
  
• A provision that the buyer may make a last-minute walk-through inspection of the property just before the completion;
  
• A time limit (preferably short) after which the property sales offer will expire.

Contingencies

You can make your offer contingent (or dependent) on a certain event. That means that you'll only buy the house if that event occurs. The most common contingencies in an offer include:

Getting a loan. If you can't find a loan, then you won't be bound by your offer.
Getting a job in the area, if you're relocating, or just a new job.
Receiving a satisfactory report from your home inspector within so many days after acceptance of the offer.

If the inspection reveals major defects, you can withdraw your offer or negotiate with the seller to have the repairs made.Remember; get all the details spelled out in writing in the contract.

Withdrawing Your Offer

You can withdraw your offer anytime before exchange of contracts. However, you should always consult with a conveyancing solicitor before withdrawing your offer otherwise you could lose any deposit you have made with your offer or even be sued by the seller for damages.

West End Property