MAKING AN OFFER

The Number of house sales per month is falling at the present time so make sure you capitalise on that fact during your negotiating, it’s a buyers' market. Research the local market thoroughly, knowledge is power.

It is usual for a seller (vendor) to add a 5%-10% margin on the value of their property to allow for negotiation.  Treat the asking price as no more than a guide. Be ready to offer less, and then negotiate firmly for the right price. Always negotiate through the estate agent it stops things from getting personal. Otherwise you risk hardening seller's attitude to the price.

Your opening offer affects the final price. Rely on your market research and knowledge of the seller. When you are viewing it’s important to remember that you have two ears and one mouth, so try and listen twice as much as you talk. The seller will give important clues as to their readiness to sell. You on the other hand should give away as little as possible. Try to keep emotion out of it when viewing.

If your stomach is turning cartwheels with excitement because you know this is the one, remember to keep a poker face.

When ready to offer, settle on the maximum sum a home is worth, and then decide where to pitch your opening offer. Remember too high and you could overpay. Leave room to negotiate. Too low, and you risk hardening seller's attitude to the price.

After you make your offer, expect agents to ask for more info about your position. Always remember agents act for the seller. Even in a buyers' market they'll drive a hard bargain. The more the house sells for the more agents’ commission they get.

Never reveal your bargaining strength, don't give away financial information. Above all never talk to the Estate Agents Mortgage adviser. If you tell them how much you earn etc they will instantly know what your maximum is. When asked about your mortgage, just tell them it is all arranged. You can undermine your strong negotiating position if you’re not careful so keep your cards close to your chest.

However friendly, remember the agent and vendor want the highest price. Allow a margin to negotiate. But set a realistic limit and stick to it. If your first offer is rejected just say thanks for letting me know and leave it at that.  Don't indicate that you will come back with an increased offer, tell them you are viewing other properties and will think about it. Never increase too much too soon. Softly, softly is always the best approach.

So in summary, learn how to negotiate with confidence. Agree the best deal. Keep it friendly but let the agents see you're serious. You know your facts and your strengths. Never reveal your bargaining strength. Stick to your guns. Don't overpay, walk away if necessary, and look for better value elsewhere.

The agent may want to reopen negotiations later. If so your position will be even stronger. If your offer is accepted ask the agent to take property off the market, although they don’t have to agree to that, it’s best if you can persuade them.