Receiving an offer on your home is both exciting and challenging, and knowing whether or not to accept it isn’t always easy. While achieving the highest price possible is a great goal to have in mind, you should also consider whether or not the buyer is dependable and ready to move within a timeframe that works for you.
Here are the key things to take into account when weighing up your decision.
Knowing when the price is right
The most paramount thing that you will need to decide is whether the offer reflects a fair price for your property.
It can help to check online and find out how much similar properties have sold in your area to see if the offer is a good one. Remember, your location may have added significant value to your property, particularly if the nearby schools have good Ofsted ratings and there are plenty of travel links and amenities close by.
If your home has not been on the market for very long and your first offer is not what you had hoped for, you may want to hold out to see if you can secure a better price for your home from another buyer. Timing is also key, as you may be more inclined to accept your first offer if you’re in a hurry to get moving, rather than waiting for another offer. In this circumstance, make sure you also weigh up the buyer’s situation before deciding to accept their offer. For example, do they need to find a buyer for their own property before they can move? Do they need to secure a mortgage to buy your home, or do they have a mortgage agreement in principle already lined up?
It's important to remember that you will not need to make any rash decisions, and you can take a day or two to really think it over.
What happens when there are two different offers on a house?
If you receive more than one offer on your home, you are instantly in an excellent position to secure a high price for it.
If both offers are equal, you could do either of the following:
- Accept the offer from the buyer who will be able to complete the sale quickly. This buyer may not be part of any chains, or they may already have a mortgage approved in principle.
- Move to sealed bids. This is where your estate agent asks both parties to write down the maximum price they are prepared to pay for the property.
Is negotiating a possibility?
Negotiating is to be expected with many sales, as potential buyers often make sure their first offers are lower than what they are actually willing to pay. Generally, as a seller, you can come back with a price above their offer and continue the process until you find a price that is agreeable to both parties.
However, you do not need to negotiate every offer that is below the asking price. If someone puts in an offer that is low enough to suggest that they are not a serious buyer, you can simply reject it.
Are you thinking about selling your home? Contact our expert team today.
