When selling a property, your first assumption may be that you’ll take the highest offer. However, the thought process that goes into accepting an offer is rarely that simple and it can actually be very tricky to choose between offers in today’s competitive market.
With years of experience helping clients with properties for sale, we pass on all the offers you receive along with context and guidance on any conditions attached. We’ve also put together some points to consider as you weigh up the pros and cons of those offers…
It’s helpful to have a clear idea of your priorities as you enter the property market. Passing this on to your estate agent can also help them target buyers that fit your criteria.
Following this process through can help narrow down your choices. For example, if you’re selling a house and want a quick sale then you may have to accept that you might not get the highest possible price.
Chains can be the bane of people trying to move! Finding out about the buyer’s chain (or lack thereof) can heavily influence your decision when selling a flat or house. Chain-free buyers are especially appealing because there are less things to interrupt the sale. Their purchase won’t be impacted/delayed by issues beyond their control elsewhere in a chain.
On the other hand, a buyer who is in a chain and is very keen to buy your property may make a higher offer to compensate for their situation. If you’re not in a hurry when selling a house, don’t discount buyers in chains without weighing up the pros and cons, first. They may be open to negotiation and up their offer.
As a rule, sellers love cash buyers. The theory behind this is that the buyer has all the money they need without a mortgage to simply buy your property. That can count for a lot if you’re after a quick/simple sale!
It’s much more common for buyers to need a mortgage and this can add a little risk e.g. the mortgage lender may:
Also, consider the size of the deposit the buyer is prepared to put down. As a rule of thumb, the bigger the deposit, the more appealing the offer. This is because the buyer is likely to be in a good financial position and able to secure a mortgage (if needed). They are also likely to be a more serious buyer and the sale is more likely to go through.
If you have two buyers and one has a long list of conditions e.g., that you must make/pay for repairs then it’s likely the other is a more desirable buyer. Again, you’ll need to weigh up all the pros and cons. Although more complicated, the buyer who wants repairs may be more serious about the purchase, so it’s up to you to make that final decision.
When selling a flat or house, try to consider each offer on its own merits. Selling a property can be emotional and overwhelming, so keep going back to that list of priorities you made at the beginning. It can really help keep your mind clear as you weigh up your options. Remember, your friendly, experienced team at Charters are always here to help!
We’ve been helping clients with properties for sale for years and would be delighted to answer any questions you may have. Please feel free to get in touch with your local Charters team and we’ll support you in any way we can.
Spread the news...
Part of the Charters Group