You’ve arranged your loan approval in principle, found a property, and searched through the home report – now you’re ready to make an offer!
The first step is to let your solicitor know that you wish to make an offer on the property. They will then get in touch with the selling agent to have your interest formally noted, obtain necessary information regarding the property, and negotiate on your behalf.
In Scotland, all formal offers must be sent from a solicitor to the seller’s agent/solicitor, so you’ll need to instruct a solicitor before you can make an offer. Before commencing work for you, your solicitor is legally required to carry out Anti Money Laundering checks on you and anyone else who will be purchasing the property with you.
Once the selling agent has received your offer, they will present it to the seller. The seller will then have three options: they can accept your offer, reject your offer, or make a counteroffer.
If they accept your offer, congratulations! You are one step closer to purchasing your new home. If the seller rejects your offer, don’t be discouraged, this is not uncommon, as it may simply mean that the seller is not willing to sell their property for the price that you have offered, or they wish to continue marketing to attract other buyers. In this case, your solicitor will continue to pursue and negotiate on your behalf until an agreement between the parties is reached. If the seller makes a counteroffer, it will then be for you to decide whether you pay the price requested to secure the property, or whether you go on to counteroffer or negotiate further.