Making an Offer for your new Park Home
You’ve found a park home that meets all your essential criteria and you want to make a formal offer.
Before the official formal offer, you will be required to negotiate the price of the property. Your conduct during this process is determined by how confident you are in your own bargaining skills, and how much information you have regarding the position of the seller.
Bearing a number of factors in mind can place you on a firm foundation and increase your bargaining position immeasurably;
- Think back to that original figure you agreed with yourself at the very beginning. Decide how much higher than that figure you are willing to go as a maximum.
- If you have already sold your home or you are in rented accommodation you will have the advantage of not being part of a chain, a factor likely to put you in a strong position in the eyes of a seller looking for a quick sale.
- Be aware of what is going on in the market. If it is a buyer’s market, with property prices dropping, you may be able to offer less than you first anticipated.
- Find out if the seller has already found another property. Is he in a hurry to move because they have found a property to purchase? This information may help you put in a lower offer.
- If the property has been on the market for a while it may offer a better chance for negotiation.
- If you are going through an agent, never forget that the agent represents the seller, and as such, will try to sell the property for as much as possible.
- Find out what kind of interest there is on the property, and if any other offers have been made.
- What condition is the property in? Pay close attention to the results of any surveys that have been conducted.
- If you are able to obtain a ‘finance in principle’ from your lender, make sure the seller knows about it. Most lenders are willing to provide a certificate outlining how much you will be able to borrow.
- Make sure you clearly mark ‘Subject to Contract’ when you make the offer in writing. This legally covers you if you are unable to proceed with the sale for any reason.
- Be aware that you will need to meet the Park Owner before the sale can proceed, and that you are aware of all the park rules (age restrictions, pets, children etc).