4 Things To Consider In An Offer Other Than Price
Great news, you have got an offer from someone wanting to buy your property but there is more to think about than just the price. Across the country 1 in 3 agreed sales falls through during the transaction process resulting in disappointment, stress, expense and wasted time. The chances of this happening can be greatly reduced by considering the below aspects of an offer;
The first thing to establish is that the buyer is actually in a position to pay the amount they have offered. A good estate agent will obtain proof of the buyers finances and fully check the details of any chain that they are in. This sounds obvious but I have seen many people who have made the mistake of taking their properties off the market and agreeing an offer only to find out weeks down the line that their buyer is not able to actually raise the necessary funds. Until you know that the buyer is able to raise the funds they need for the purchase than the actual amount they are offering is irrelevant.
Establishing whether they are a first time buyer, an investor or part of a chain is of course a major factor in weighing up the attractiveness of any offer. The longer the chain the more potential there is for something to go wrong so this needs to taken into account when weighing up the attractiveness of an offer. Dependent on your own circumstances it might be that a slightly lower offer from a chain free buyer might be more tempting then a higher offer from a buyer in a long chain.
In the excitement of agreeing an offer it is easy for timescales to not get mentioned and get overlooked but this could come back to cause you a problem further down the line. It’s best to be open and honest with your buyers over the timescale you are looking to move to make sure that you are on the same page. If you haven’t yet found your next home and need to buy before you move out then selling to someone looking for a quick purchase due to a job relocation isn’t going to work.
Part of weighing up an offer is also considering the amount of other interest you have had. If your property has only been on the market for a few weeks and you are still getting lots of viewings then you can probably afford to take a harder bargaining position then might otherwise be the case. Having said that a lot of the best interest will come within the first couple of weeks so don’t necessarily decline an offer just because it hasn’t been on the market for long.
Of course it’s a lot easier to make a decision over an offer when you have a good estate agent in your corner that you trust genuinely has your best interests at heart rather than just wanting to agree any deal they can to get their hands on a commission! If you are in Derby or the surrounding area and are considering selling or are already on the market then please do get in contact as we would love to help you.
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