Making an offer on a property through Cooper Adams:
All offers have to be submitted to us in writing or email. This has to be submitted to us in writing or email accompanied with the full names of all buyers, your solicitors details, a copy of your mortgage agreement or certificate, copies of statements providing the remainder or full balance, your anticipated time scales and if there is a related property sale your full chain in detail from your agent.
Before making an offer on a property through Cooper Adams please have ready and provide financial evidence on your ability to proceed. This will be asked for and readily available information will smooth and speed up the process. It also puts any potential purchaser in a better light removing any doubt of ability to proceed. Failure to provide this may mean your offer is refused, delay decisions and could make the vendor feel uneasy about your intentions.
This conforms to the Ombudsmen's Code of Practice for Residential Estate Agents where in section 8 of the code of practice specifically advises the agent must check “the source and availability of funds for buying the property”.
All checks are completely confidential and for Cooper Adams use only, conforming to the data protection act.
Proof of funding can be a letter/email (not verbal) from mortgage broker advising a mortgage agreement in principle, proof of cash (email/letter not verbal) has to state when the cash is available and from the bank, chartered accountant or a solicitor. You will need to give permission to your bank/solicitor/accountant to release this. The proof can simply be correspondence to advise the client has the required amount of money to buy the property for £x and the funds will be available from [date]. This information is completely confidential only to allow acceptance of an offer. Whether your proof shows you have enough cash or multiple times the amount required it is completely confidential.
We will advise our client you have the funds and not how much. If the seller was privy to the amount they may be inclined to look for more money on their sale. Your offer is based on what you are happy to pay for the property, not on your availability of funds. Under the data protection act and client confidentiality laws we do not divulge any information without permission. This is a legal requirement for all estate agents .
Best and final offers
Some properties coming to market are realistically priced and can attract a lot more interest than we anticipate. Our job is always to achieve the best price for our client (the seller). Sometimes when we have extremely high demand for a new property to the market, we ask interested buyers to make a best and final offer. This has to be submitted to us in writing or email accompanied with the full names of all buyers, your solicitors details, a copy of your mortgage agreement or certificate, copies of statements providing the remainder or full balance, your anticipated time scales and if there is a related property sale your full chain in detail from your agent.
We then present offers we have to our client by a cut off date. The seller will make an informed decision based on the information presented to them. Any offer backed up with lots of information will carry more weight than a similar offer with little information.
This is a fair system as buyers do not incur any cost and will know soon after the cut off date whether their offer has been accepted or not. Once an offer has been accepted the property is removed from the market and no other offers will be entertained (unless the buyer is causing unnecessary delays).
Please contact us if you require further clarification of any points.