Step 6 - Make an offer

What should you consider when making an offer and preparing to buy?

So, you've found a place that calls to you and it's time to make an offer. If it is accepted, the sale is agreed and you pay a booking deposit to the estate agent. This is 100% refundable to you up until the contracts have been signed by the buyer and the seller.  

Before you bid you should:

• Know the local market – are properties selling quickly or slowly?
• Talk to a variety of estate agents. Read property sections in Irish newspapers
• Check recent sale prices for similar properties in the area using the Property Price Register
  

Sale agreed

Unfortunately, "sale agreed" is not a done deal as, until contracts are signed, both parties can pull out without penalty. There are a few more things you need to square away before the home is yours. 

Once your offer has been accepted, the next stage is moving from approval in principle to full mortgage approval. Before giving you your Letter of Offer, your lender will carry out a final set of checks to make sure everything is still in order. These usually include:

• A property valuation: Your lender will ask you to arrange a valuation to confirm the property is worth the amount you’re borrowing. This typically costs between €150 and €250.
• Final legal checks: Your solicitor will complete the last of the legal work to ensure the property can be legally transferred to you.
• An updated review of your finances: Your lender will take another look at your bank accounts and financial documents to make sure nothing significant has changed since you first applied, for example, that there are no new loans, your employment is stable and your savings pattern has continued.