Considering and Accepting an Offer
Receiving an offer on your property can be exciting. However, as much as you want to sell your property you need to keep a level head to make sure the offer is right for you and the property.
Considering the offer
It’s normal for buyers to offer 5-10% below the advertised price so don’t be discouraged by the initial offers. There is no rush to accept an offer straightaway. The best thing to do is check the area for similar properties and find out how much they’ve been sold for.
Also, talk to your estate agent about the buyer and their position. There are many factors to consider when deciding who to sell your house to.
Here are some important things to keep in mind:
It’s worth finding out what position the buyer is in. If the buyer has to sell a home first, it could slow down the process for you. If they are a cash buyer, it means a quicker sale. If they need a mortgage, you should ask if they have a mortgage in principle. If you have offers that are around the same price these bits of information could be deciding factors for you.
It’s a good idea to know the timescale of these buyers in completing the sale. If they’re part of a chain, it could delay the process. If the buyers are cash or first-time buyers, find out how quickly they’re looking to move and the flexibility on the move date.
What’s your position?
How quickly do you need to move to a new house? If you need to sell quickly accepting offers from those who aren’t part of a chain will help. If you’re in no hurry to move, then you hold out for a higher offer.
Accepting the offer
If you do accept an offer, as long as a survey doesn’t throw up any surprises, the buyer will most likely complete the sale. Offers will only be official once the estate agent can prove the buyer has the finances to purchase.
The buyer can back out of the sale at any point up until contracts are exchanged, this is also the same for the seller.
If you are looking to sell your home, our team will be happy to assist.
Get in touch here to discuss needs.