Accepting an offer on your property can be exciting but also daunting.
Is the offer sufficient? Should you wait for a higher offer or see if any other buyers are interested?
There is no right answer, as each situation is different, but here are some key factors that can help you make an informed decision.
Is the price right?
Before you put your property on the market, you probably had several valuations and researched recent sales of similar properties in your local area. Once you have an offer, it’s a good idea to compare the offer you were expecting to receive with the number in front of you. Are they similar?
Remember, the first offer you get is likely to be between 5% and 10% lower than the offer you’ll end up accepting. If you’re confident in your home’s value, this process will be easier. Wise sellers stay informed about market conditions and recent prices in the area so can quickly see if any offer is fair and realistic.
Has your house just gone on the market?
You’re most likely to see the most activity when your property has just gone on the market. The best buyers often come first; motivated to jump on new instructions to the market. If your home has just been listed and you receive a reasonable offer, it could indicate strong market interest, prompting you to wait for more offers. But you should give strong offers serious consideration, even if it’s the first one you get.
For a just-listed house, it may not be worth accepting a low offer early in the sales process.
What’s the buyer’s position?
Ask your agent for the following information once you’ve had an offer:
- Are they a cash buyer? (ensure your agent gets proof)
- Are they financing through a mortgage?
- Do they have a property to sell?
- If so, are they under offer?
- Do their timings for buying align with yours?
Before you accept an offer, consider whether you’re comfortable with the buyer’s circumstances and offer amount.
Be cautious about accepting an offer from a buyer who hasn’t sold their home yet, as this can delay your sale.
If the buyer is under offer, check the chain’s length and progress. A long, weak chain can cause delays, whereas a progressing chain with active solicitors reduces risk.
Whatever your situation, seek advice from your agent. Remember, the certainty a buyer offers should give you confidence in your onward plans. Professional advice can be a guiding light in this process, helping you make informed decisions.
How can you handle lots of interest in your property?
If other buyers are interested, ensure your estate agent informs them an offer has come in. This could encourage other serious buyers to come forward and make a decision on whether to offer. If multiple buyers are interested, you might be able to negotiate a higher price. Be cautious, though; buying a home is an emotional process and a buyer could withdraw their offer if they feel like you’re not taking it seriously or trying to benefit from a bidding war.
Final steps
It’s crucial to respond swiftly to an offer or communicate with your agent about the time you need to consider it. If the offer is too low, respond immediately. Otherwise, reply within 48 hours. This proactive approach keeps you in control of the selling process.
If the offer is close to your target, discuss a counteroffer with your agent to potentially get what you want faster than just giving a simple rejection.
At this stage, it’s wise to decide what to do with furniture, curtains and white goods. These items might not suit your next home, but they can be effective bargaining tools to get the price you want.
Throughout this process, remember that while your agent must present every offer, they work for you, and their advice should be in your best interest.
Summing up
Ultimately, the price you accept depends on market conditions, the buyer’s situation, how quickly you need to sell and your moving budget. Compromise is often crucial to securing a deal. If the deal feels right, accept the offer and move forward!
Priceless expertise
We have so much experience helping sellers choose the right buyer. Our expertise includes understanding market conditions, buyer psychology, negotiation strategies and the legal aspects of property sales. We use this knowledge to guide our clients in making informed decisions when accepting offers.
Right now, selling is challenging, so it’s essential to consider every aspect of any offer you receive. By booking a sales valuation with us, you can get a professional assessment of your property’s value, understand the current market conditions and receive personalised advice on how to maximise your sale price. Why not book a sales valuation now and get your sale off to the best start?
“I would recommend, without hesitation, Chris Brewer and his team at Grace Miller to anyone thinking of selling their home and who wants a reliable and responsive service. My sale had its ups and downs when the original buyer pulled out after everything was agreed. I am grateful for the professional support provided by Chris and his team at what was a very stressful time for me, and the achieving of a successful sale that soon followed”
– H Jones.
Since opening Grace Miller & Co. in 2000, we’ve given all our clients proactive, professional and personable care. We’re very proud of the reputation we’ve built and the client reviews we’ve received. If you have a property in London or Surrey and would like to benefit from our outstanding service and unrivalled knowledge in residential lettings, sales and block and estate management, please contact us today.
