As wonderful as it is to receive an offer on your home, deciding whether you should accept goes far beyond the price. This is the trick on how to decide for your situation.
Look Beyond the Numbers
Best / Highest Offer – In fact, a cash buyer making an offer £10,000 less might be likely to proceed faster and closer to their agreed date than someone needing mortgage approval or having other property chains. Focus on the buy-side — not just their bid.
Assess the Buyer’s Strength
Serious sellers with SSTC or stronger buyers ready to go have AIP, good deposits and nothing on their own chain. A first-time buyer, with pre approved finance many times is superior to a three sale contingent buyer.
Consider Your Timeline
Take anything from a chain-free buyer if you have to move fast. However, if you are not in a hurry to sell, you may prefer waiting for the best offer or even better that multiple offers competition is created.
Evaluate Market Conditions
When the market is a seller’s market, you can afford to be careful. Good deals are given some serious thought when things are slow. Ensure your estate agent is giving you creditable market evaluation to help make up your mind. For Gloucester Estate Agents, contact www.mwea.co.uk/
Trust Your Instincts
And there are those buyers who look like trouble from the word go, pushing around for more than what has been made available, knocking down prices and giving unattainable project deadlines. Such red flags are usually harbingers of the worst times yet to come.
The 90% Rule
This is why lots of agents tell you to take an offer at 90% if it’s close. There are few things like perfect offers, but the good ones should never be dismissed lightly.
Just like terms change after an acceptance there can also be negotiation points.