How to make an offer on a house subject to conditions?

Strandlope

I would like to make an offer to buy a house, but would like the offer to be subject to a few conditions:
- The results of a Charter Surveyer's report
- Tests on the water (well) quality
- Being approved for a mortgage

Is there any standard wording for an offer of this kind, that would enable me to make an offer, but to be able to cancel the offer if any of the above conditions are not met?

I have heard that the phrase "Subject to contract / contract denied" could be sufficient?

At this stage, the offer will be made without a deposit.

Looking forward to any suggestions!

Bigcheeze

All offers are non-binding so you don't need any special wording before you sign contracts.

Bepolite

Don't bother. Subject to no deposit and no mortgage approval the vendor will take the next buyer that pops up. If the property is the sort that isn't going to get many offers then there is nothing to be gained for either party really.

Even if you had mortgage approval and paid a deposit there is still nothing to stop the vendor pulling out of the sale.

Strandlope

Thanks BePolite.

Strandlope

Thanks BigCheeze.

Marchbride

Why bid though if you're not approved and haven't the deposit? That's driving up a price of a house when you haven't the means to do so?? If its an idle house that hasn't other bids it may be yours if the conditions are satisfied soon. But don't bid and drive up price or knock someone else out of bidding if you don't have approval or dep. good luck with mortgage application

Strandlope

Thanks MarchBride,

I agree with your sentiment. This is a private offer, on a house that is not currently on the market. I want to show my interest, but I do not want to be tied into an offer unless my conditions are met - I just want to tread carefully. Once conditions are met, I will make an offer with a holding deposit, and progress along the formal route.

moxin

If the house was on the market, you would have to provide proof of mortgage approval\cash and a deposit to the estate agent.

P. Breathnach

OP, in reality you are talking about a negotiating position rather than an offer. It would be sufficient to day something like "I would be willing to pay €XX for the property subject to these three conditions...".

Depending on the response you get, you might take things forward from there.

acergirl

Hi guys I am going to view a property today. First time ever viewing a property, if I like it, how do I go about making an offer and I really want about 20% off the asking price??

P. Breathnach

Big question, acergirl!

Have you been researching the market? Do you know if the asking price is in line with the market, or if it is optimistically high? Have you finance lined up?

In general, I would be concerned about anybody making an offer on the first property they see. But that's "in general", and you might be the exception who gets lucky.

Even if you really like the place, there is no need to make an offer on the spot; it's probably better not to. You can tell the EA that you like the property (but don't be over-enthusiastic) and that you are interested in making an offer, but need to do some thinking and some arithmetic before deciding how much you are willing/able to put on the table.

It's often best to be accompanied to a viewing by somebody who is hard-headed and who might hold you back from selling the property to yourself.

acergirl

Thanks for that, just got a call from estate agent, offer put in this morning above my budget, viewing cancelled, devastated!!

Bepolite

acergirl wrote: »

Thanks for that, just got a call from estate agent, offer put in this morning above my budget, viewing cancelled, devastated!!

That's going to happen frequently at the moment. Are you looking in Dublin?

P. Breathnach

acergirl wrote: »

Thanks for that, just got a call from estate agent, offer put in this morning above my budget, viewing cancelled, devastated!!

For all you know, you might have had a lucky escape!

Finding the right property at the right price can be a long-haul project.