When you've found your dream home, it can be heartbreaking to miss out on the property if your offer isn't accepted. Luckily, our favourite property guru, Phil Spencer, has shared a simple tip for putting in an offer on a property and getting it accepted.
Speaking in a YouTube video for Move iQ, Phil Spencer revealed that since the property market has boomed this year, there has been a return of the 'sealed' bid.
'When there are more interested buyers than there are properties for sale this can lead to a resurgence of the sealed bid and we're certainly seeing it out there at the moment,' he explains.
When more than one buyer is interested in a property, each hopeful buyer is invited to submit their bid in a sealed envelope by a particular date. 'No bidder knows how much the others have put forward - that's the essence of it,' says Phil.
Phil Spencer's tip for putting in an offer on a property
Phil explains that while the winner isn't simply the one that offers the most cash, it can help.
'In my book, the price alone isn't the be-all and end-all but there's certainly no denying that money talks so increasing your offer can certainly help you secure the property,' he explains. 'However, you've also got to be absolutely confident that you can afford it and the property is worth it.'
Here is where Phil's clever tip comes in, if you can't stretch much in terms of increasing your offer try using an odd number, the Location, Location, Location presenter suggests. 'Even a small margin can help you secure the winning bid.'
However, Phil also advised making yourself more appealing to a seller, by being prepared for a quick sale.
'Make sure you've instructed a solicitor and be completely ready to get a survey organised as soon as possible if your offer is accepted,' says Phil. Being a 'chain-free' will instantly make you more attractive to a buyer.
Being a cash buyer is also a significant plus in Phil Spencer's book. 'Ideally with an expected exchange and completion date all set to go,' he adds.
However, if all else fails you can always appeal to the sellers softer side by building a rapport or including a note with your offer.
To secure your dream home it's worth trying everything.
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Rebecca Knight has been the Deputy Editor on the Ideal Home Website since 2022. She graduated with a Masters degree in magazine journalism from City, University of London in 2018, before starting her journalism career as a staff writer on women's weekly magazines. She fell into the world of homes and interiors after joining the Ideal Home website team in 2019 as a Digital Writer. In 2020 she moved into position of Homes News Editor working across Homes & Gardens, LivingEtc, Real Homes, Gardeningetc and Ideal Home covering everything from the latest viral cleaning hack to the next big interior trend.
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