First Time Buyers FAQs
Find out the answers to your frequently asked questions
How to make an offer on a property?
As part of our FAQ section to help First Time Buyers, we answer the question:
“How do you make an offer on a property?”
We are Cameron Stephen & Co solicitors in Edinburgh specialising in helping first time buyers.
How do you go about making an offer on a property?
You will need to appoint a solicitor to represent you before you can make an offer.
Because that is the system we all adopt.
It is still possible for you to reach an agreement with the seller on the price, but there will come the point when that offer has to be put in writing – enter the need for a solicitor.
Once you view a property you like, then let us know.
We shall then do a little research for you, contact the selling agent and note interest. We shall then report back to you to let you know our thoughts and to suggest either putting in a verbal offer or waiting for a closing date.
How Many Chances Do I Get to Offer on a Property?
This is often confusing for First Time Buyers and it is not always something that is easy to explain.
But, essentially, we need to distinguish between negotiating a price with the selling agents and offering at a Closing Date.
Negotiating with the Selling Agents
If you have watched Location, Location, Location then you will be familiar with Kirsty & Phil getting on the phone to the selling agents and negotiating a price with them until, hopefully, the price is agreed.
This is your typical negotiating and, like Kirsty & Phil, we do this for you as part of our service.
Once you have found a property you like and would like to make on offer on, we contact the selling agents to find out if any other buyers have also noted interest.
Unless a closing date has already been set or is likely to be set, then the path is clear for us to try to negotiate and come to agreement on the price.
Essentially, we, as your solicitors, go backwards and forwards until the price is agreed.
Mostly, this is done verbally by phone conversations with the selling agents, although there are a few selling agents that insist on the initial offer being in writing before they are prepared to start negotiations, but verbally by phone is, by far, the most common way.
Again, as part of our service, we shall help you make your decision on what initial price to offer based on current Edinburgh property market conditions and trends.
How long does the negotiating take?
This can be frustrating for First Time Buyers but there is no way of speeding-up this process.
It really comes down to how easily the selling agent can speak to the seller and then how quickly the seller makes a decision.
Sometimes it can all be done in a day, but there are times – especially when dealing with joint sellers (ie husband and wife)- that they wish to discuss this overnight, in which case the negotiating stage can take longer.
Will the seller tell us what price they want?
This seems obvious, but essentially the seller wants as much as they can get but rarely give you an amount.
Usually, the negotiating stage involves you increasing your offer rather than battling the seller down.
So, in this, the negotiating stage, you can offer as many times as you want. Once the price is agreed, then this would be followed up by us putting that Offer in writing to the selling agents.
Offering at a Closing Date
Offering at a Closing Date is very different.
At a Closing Date, all buyers must submit their offer in writing and it must be their best and final offer. So, at a Closing Date, you only get to offer once.
Can I offer on a property which is listed as being Under Offer?
No. The best we can do is to contact the selling agents to let them know you are interested and to contact us should the deal fall through.
We have a whole list of FAQs for first time buyers
About Cameron Stephen & Co
We are a firm of solicitors and estate agents based in the Leith area of Edinburgh.
We specialise in helping first time buyers in Edinburgh. So, if you would like to find out more, then below are a few links to get you started.
You can find out about:
- Our Special Fee for First Time Buyers
- Assistance in getting a mortgage and
- Finding out more about the process of buying a property
If we can help you, then either complete a form, send us an email or give us a call.
We look forward to hearing from you.
Tel: 0131 555 1234