Once you get to the exciting stage of offers coming in, selecting the right buyer will be a big decision.
Don’t accept the first offer
If you’ve been waiting for a long time for an offer, getting one will be a relief but this doesn’t mean you should jump at the first one you get. Consider every offer carefully, whether you’ve had 2 or 22.
Don’t reject the first offer
Equally, if an offer comes in that’s below your asking price, don’t immediately reject it. It’s common for buyers to offer lower than the asking price. You and your estate agent can always negotiate.
Scrutinise the offers
Your estate agent should give you a good breakdown of the offers – for example, how the buyer intends to finance the purchase, are they a first time buyer or part of a chain. Can you get more details about the buyer’s chain. If a buyer is part of a long chain, this can make things more complex and higher risk.
Concessions
Yes, the price the buyer is willing to pay is the most important factor but don’t overlook the concessions they might want you to make. Are these concessions feasible? Do they involve you spending a lot of money?
The dates
In a perfect world, the stars would align and the buyer will be able to move in at a time that suits you but that’s not often the case. If the buyer can’t move in for another couple of weeks, you might have to spend more to cover the cost of your new home. If they want to move in before your moving out date, you might have to find temporary accommodation.
Gut feelings
Whilst this is a time where you need to think very practically, you should never ignore a bad feeling. For example, if you have a buyer with the best offer on the table but you just have a bad feeling about them, it could be much less hassle going with someone who seems like a safer bet, even if their offer isn’t quite as good.
Last modified: 10/08/2022
