Blog
Choosing the right offer
Friday, September 25, 2020
If you have recently put your property on the market, or are about to do so, you will be aware that the first few weeks are all-important. Some vendors find it exciting, others stressful, as they wait with bated breath for offers to come in. Deciding to sell is a massive financial and emotional decision to take; accepting the right offer on your property is just as important. If an offer comes in almost immediately, and it is below the asking price, you may be tempted to wait for a better offer. But this can be a risky ploy and you could find yourself settling for less in the end. So how do you keep your cool and decide upon the right course of action?
First and foremost, listen to professional advice. If you have instructed a reputable NAEA Propertymark agent with in-depth knowledge of the local property market, they will be able to advise you about the current state of the market, the competition, what similar properties nearby have sold for, as well as taking into account your own situation and requirements in terms of timing and price.
When an offer comes in, you will need to consider more than just the price they have offered, and if you receive more than one offer, there will be other factors to weigh up. Ask your estate agent to ascertain the buyer's position before you make any snap decisions. Find out what their financial position is, whether they are cash buyers, need a mortgage agreement, whether they need to sell their own property before proceeding and, if so, how long their chain is. If you have two similarly priced offers, these factors could make all the difference to a smooth, stress-free sale.
If you need to move quickly, this may make your choices more obvious. A cash buyer would be optimal even if they have offered slightly less for your property. If you are in no hurry to move, then you could wait for a higher offer. Discuss your options with your estate agent and allow their professional advice to guide you.
For more information about what’s involved in selling your property, visit our Selling Guide or contact your local Frost Partnership office for professional advice and a free market appraisal of your home.
