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  • Making an Offer - Email Template

    13th October 2017

    Making an Offer – Email Template

     

    When making an offer you are looking to settle on a price where both parties are happy. This prevents either party wanting to change the offer at a later date known as gazumping, gazundering or gazanging. Remember, when an offer is accepted the property is sold – subject to contract. This means the sale is not yet legally binding which allows either party to change offer or pull out.

    An estate agent is legally obliged to inform the seller of all offers made on the property. Therefore, if the property is kept on the market after your offer is accepted and another offer comes in, the estate agent has to tell the seller. This puts you in a potentially stressful situation where you are paying for checks on the house (mortgage valuation, independent RICS surveys and conveyancing) with the risk of the seller taking a better offer, leaving you out of pocket.

    To reduce the risk you can send our email template below confirming your offer to the estate agent. It is also sensible to confirm your offer in writing to ensure there were no misunderstandings on the phone. This stipulates that your offer is subject to the property being taken off the market with any remaining viewings cancelled. If your seller is unwilling to remove the property from the market, having accepted your offer, it may be because they are worried about you pulling out of the sale and having to relist the property. However, it could also signal that they are not fully satisfied with your offer and are keeping their options open.

     

    Dear Estate Agent

    Please accept this letter as confirmation of my offer of £xxx,xxx on dd/mm/yyyy as per my earlier conversation with you.

    I confirm that I have a mortgage agreed in principle with lender name and enclose a copy of the AIP. My Solicitors are solicitor name and I will instruct them as soon as you confirm acceptance of my offer. I am also buying with no chain.

    This offer is made on the condition that I have an answer by dd/mm/yyyy as there are other properties I am interested in if this offer is not accepted. I request that the property is withdrawn from sale on acceptance of my offer.

    Please note my offer of £xxx,xxx is subject to the following conditions:

    1. All future and current viewings are cancelled

    2. The property is withdrawn from the open market immediately and I have exclusivity over it

    3. The sold board goes up within 48 hours

    4. I receive updates on the progress of the chain.

    Your Name