1. Get a Pre-approval Letter from Your Lender or Bank

A preapproval letter is from your bank or lender to say that they’ve checked and approved your credit and that you qualify for the loan payment. Although this isn’t a loan commitment it does give the seller written confirmation and security that you’re financially able to buy the house and make the mortgage payments.

  1. Find out if the seller has any motives for selling the house

It’s not always about who has the biggest offer, sometimes a seller needs to move as quickly as possible and knowing that the buyer can make this happen could seal the deal. They might also need more time, let’s say if they are finishing their notice with work or their child is finishing the school term/year. If you could try to find out from the agent or the seller if they have any reasons why they want to move, you can tailor your offer to meet their needs.

  1. Look at shortening the due diligence period

The due diligence period is the cooling off period that enables an inspection of the property to take place where the buyer can back out if they find any nasty hidden surprises. If a property has multiple offers you might get picked from of the crowd for shortening the cooling off or due diligence period. This in return gives the seller peace of mind that if you do decide to back out, they haven’t been off the market for a long period of time. It’s highly advised you don’t skip the inspection or survey of the property out as it may uncover some serious issues and faults which could cost you more further down the line.

  1. You can look to include an escalation clause on your offer

This is usually only advised if there are multiple offers on the table. This tells the seller, whatever offer you receive higher than my original offer I will increase it further by X amount. So, within your escalation clause you could have your offer set above £300 more on any other offer. The issue with doing this, is you’re also telling the seller how high you will go so don’t allow it go beyond what you would want to end up paying.

  1. Write a letter to go with your offer to help the seller understand who you are and what your intentions are

Sometimes a seller might turn away an offer just because they don’t like the person or they’re worried what they will do to the property. By adding a letter which explains who you and your family are with some of your background history, you could get the seller to like you on a personal level which could see them choosing you as their favourite offer. We find some sellers have fond memories of their properties and the thought of having their homes completely renovated and redesigned guts them, so getting them on your side is always a good step.

  1. Shorten the closing date with the bank

Depending on your bank or lender, you normally have 30-40 days for them to get through all the paperwork which makes the closing date long. If you can say and agree to a shorter closing date this might also make the seller pick you. Usually, a seller will want the weight of their shoulders as soon as possible, by offering a shorter closing time will help to relieve that for them.

  1. Make two offers on a property

This could see the seller comparing your two offers rather than your offer against their asking price. So, say you offer £120,000 with cash and the other offer for £135,000 with a mortgage loan and 60 days to close. The seller suddenly forgets their asking price and is now comparing which is best out of your two offers. This is a strategy known as price anchoring and can sometimes work for the buyer.

  1. Offer to pay the sellers closing costs

You could also offer to pay the sellers closing costs, depending on how much money you have. It can be expensive for them to sell too so this might sway them more into choosing you.

  1. Make your offer as clean as possible

By this we mean making an offer that isn’t too complicated with special conditions such as needing extra time before the move.

  1. Be prepared to negotiate on your offer so that you avoid ending up in a stalemate with the seller

It’s wise to do some property research to find out what the property is actually worth to benefit your negotiation. If the seller is asking for £140,000 but your offer is £135,000 and you know the property is only worth that after you’ve done the research, then you should stand your ground. However, it’s usually wise to seek a mortgage advisor or help from a professional estate agent to find some middle ground between you both. This will hopefully result in a compromised and negotiated deal that works for both of you.

We hope some of these points have given you some direction and ideas on how you can get your offer accepted on a mortgage.

You can also chat with a mortgage adviser on making an offer and how to get it accepted.  Warrington Mortgage Centre have a wealth of expertise in mortgage advice, direction and guidance. Their up-to-date knowledge can provide you with strategic property advice whether you’re a first time buyer or you want to sell up and remortgage. With the help of professionals in the property market you’ll feel more at ease with the process and getting the right advice and help that you need.