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Correct sequence during the putting in the offer stage


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Hi all! 

I've just finished listening to the recent podcast on how to put an offer forward when a question hit me that I guess I've been subconsciously curious about for a while. What are the correct things to do before or after putting in an offer. For example here is my way of thinking about it:

 

Step 1 - Find a mortgage provider, figure out how much I would be able to borrow compared to how much I'd like to spend 

Step 2 - Find potential investments

Step 3 - Crunch the estimated number

Step 4 - Set up viewings for these properties (let's say I have found 5 potential investments)

Step 5 - After viewing these properties I decide only 3 of them are what I'm looking for. 

This is where I'm curious what everyone else does. Do I then:

 

Step 6 - Put an offer in for all 3 (let's say for this example 2 of them are excepted) 

Step 7 - Have both properties then surveyed and take the one that the survey come back better on and back out of the other offer I put in. 

My confusion comes from the fact that I believe the other way to do it would be to have the survey done first and the builder and such give me a quote first before putting in my offer. This would  let me know more specifically how much everything would cost me and would not waste the other sellers time. 

I hope I made my thoughts clear enough. 

Thanks in advance for the advice! 

 

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Hi Martin,

 

I think the first step is to establish financing, so how much you have, and where you are getting it from.  If you have an offer accepted you need to provide proof of funds, so this is the priority.  How you get the funding however is down to yourself and the options available to you.

 

 

With buying properties - I go to each property that I am interested in, with my camera, and take s-loads of pics.  After the viewing I will then go home and review all of the pics and establish a general cost to fix the property and then run it through the spreadsheet.  Once I establish the properties that stack up I will then put in an offer.  

 

If the offer is accepted, instruct your solicitor to do nothing until they have received the sellers legal pack.  Once they have looked through this and there are no issues that they can see straight away, then look at surveys.  My project 2 post details how I did this, and how it saved me money with the survey/searches.  My survey was booked in on the Thursday of that week, and we found out the issue on the Monday/Tuesday, so I was able to cancel the survey and save myself ££££.

 

You can generally get an idea of what the property needs doing without the survey, the survey will highlight anything that you may miss or cannot see to well.  If you were offering on a few properties at the same time, instruct one survey before the other (the property which seems to stack up the best).  If it comes out ok, you can simply forget about the other property.  If it comes out with issues, get the 2nd one done.  The problem here is that you might p-off the EA, as you are at the legals stage and pulling out.

 

Hope this helps?

 

 

Darren

 

www.fmp-investments.com

www.f-m-p.uk

Facebook Page - FMP Ltd

property@f-m-p.uk

I am looking for private financing

with a 10% ROI - get in touch

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2 hours ago, martin evans said:

Great! Thanks for the clarification. Makes a lot of sense! 

 

Thats just how I do it, id listen to others advice as well.  This way seems to have saved me money so far in abortive costs.

 

Darren

 

www.fmp-investments.com

www.f-m-p.uk

Facebook Page - FMP Ltd

property@f-m-p.uk

I am looking for private financing

with a 10% ROI - get in touch

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