An offer is a number wrapped in a story about certainty. The number should come from sold-price evidence and your Phase 2 ceiling; the story — your AIP, deposit, chain position and flexibility — is what makes an identical number beat a rival's. This step covers choosing both.
Choosing the number
Anchor to the comparable sold prices you gathered, adjusted for condition and the market's temperature. In a slow market, opening 5–10% below asking is unremarkable; in a competitive one, strong homes go at or over asking and lowballing merely disqualifies you. Days-on-market and price-cut history tell you which regime you are in. Decide your walk-away maximum before the first bid and write it down — it is much harder to invent discipline mid-negotiation.
The proceedability story
Submit the offer in writing (email via the agent is standard) and attach your evidence: AIP, deposit position and its source, solicitor details if instructed, chain-free status, and flexibility on completion dates. Sellers regularly accept slightly lower offers from visibly proceedable buyers — your Phase 2 preparation is now literally worth money.
Best and final offers
With multiple bidders, agents may call for best and final offers by a deadline: one sealed bid each, no second chances. Bid your genuine maximum for that property — the number you would not regret losing it over nor regret paying — and resist the urge to bid your ceiling just to win. Winning best-and-finals by overpaying is a prize with a mortgage attached.
Your action list
Practical tips
- Odd numbers (£287,500) read as considered; asking-price offers read as serious; both beat round-number haggling noise.
- If rejected, ask the agent what would work — the reply often reveals the seller's real position on price versus speed.
What can go wrong
- Never tell the agent your maximum, your mortgage ceiling or how much you love the house — every word reaches the seller.
- An offer accepted after aggressive lowballing can leave a resentful seller — resentment resurfaces in Phase 4's renegotiations and Phase 5's date-setting.
- PropertySquares provides education, not financial or legal advice. Verify current rules and obtain advice for your circumstances before acting.