A crucial stage of selling your property is accepting an offer. You may be in the fortunate position of having several offers on the table, in which case, there are several important things you will need to consider before accepting it.
- Financial viability
Does the prospective purchaser have the funds in place to purchase the property? If they are getting a mortgage, any good Estate Agent will ask to see proof that this is agreed in principle. Do they have a property to sell in order to purchase? And if they are a cash buyer, you should get confirmation via their solicitors that these funds are readily available.
- Timescales for moving
You will want to be sure that the prospective purchaser’s timescale is in line with your own. If they have a property to sell and they are reliant on this sale in order to buy your property, you will want to know whether they too have an offer on the table and how long the chain is. This is so that you can determine how long you may be waiting before an exchange can happen.
If they do have a property sell, but don’t currently have an offer, you may want to consider keeping the property on the market until such time.
- How quick do you want to move?
It is important to consider your own position when weighing up offers from prospective buyers. If you are in a rush to sell, accepting the first offer may well be the best option, but if time is not of the essence, you could hold out for an offer that’s closer to the asking price.
- Time on the market
How long your property has been on the market is another important consideration. If you have only just put your property on the market and you get an offer that isn’t the asking price, you may want to hold out a little longer. The first few weeks of your property being on the market are when you are likely to see most activity, so it’s worth waiting this time to gauge the level of interest.
Your Estate Agent should always offer advice on whether or not you should pursue an offer because, at the end of the day, they’re the ones with the best knowledge of the local market and can anticipate the level of interest your property is likely to attract.
- Level of commitment
Buying a home is an emotional purchase, and if you have several offers on the table, it’s worth taking the time to meet all interested parties to gauge, not only their financial position and timescale, but also their level of commitment and how much they love (and really want) your home. In our experience, those who are really committed are the ones who will jump through hoops to finally be the keyholders.
At the end of the day, the price you are willing to accept will depend on market conditions, quality of the buyer, and how quickly you need to sell. If you feel that the offer is right and their emotional and financial commitment is there, accept the offer and get the wheels in motion with your solicitor.
It is imperative that your estate agent offers clear advice for every offer you receive on your property. At Wright Marshall, we don’t just pass offers on from prospective buyers, we strategically guide our clients through every stage of the negotiation process so that you can make the decision that’s right for you.
If your property has been on the market for a while and has still not received any offers, why not contact us for a free valuation? We proactively market properties in order to achieve the best price in the shortest possible time.