Knowing which offer to accept on your home
Selling your home involves countless difficult decisions, and knowing which offer to accept is no exception.
You might have asked yourself: What if the first offer is the best one? While achieving the highest possible price for your home is an important goal to keep in mind, there are several other factors that might come into play.
Here are some key considerations to help you make your decision.
Buying position
The term ‘buying position’ refers to the buyer’s readiness to proceed with the sale. Therefore, factors such as being in a chain, having a mortgage agreement in principle, and being a cash buyer, all affect the buyer’s positioning. A first-time buyer, for example, might be in a great position to buy your house since they don’t have one to sell first.
If you’re hoping for a quick move with fewer complications, you should take buying position into consideration when comparing offers.
When the first offer comes in
The first offer is an important one for a multitude of reasons. You aren’t obligated to accept the first one that comes in (or any offers for that matter) but there may be circumstances in which you do accept the first offer made on your home.
For example, if your home has been on the market for a long time without generating much interest, you might be more inclined to accept your first offer. Conversely, if you’re in need of a quick sale, you might accept the first offer in favour of waiting for more to come in.
There are also some compelling reasons why you might not accept your first offer. For example, you might fear that the offer is too low and you could risk missing out on a better offer if you hold out. There’s no way to be certain of this, which is why it’s important to have an agent guiding you through these tough decisions.
What happens if I receive two or more offers on my home?
If your house draws in multiple offers, you could be well-positioned to sell it for a high price. If both offers are identical, you have two options:
You can accept the offer from the buyer who is in the best position to close the deal fast. This could be someone without a chain, or someone who has a mortgage deal in principle.
You can move to sealed bids. This is when your estate agent asks each party to put in writing the highest amount they are willing to pay for the property. The bids must then be sealed and sent back to your agent by a specified date.
Should I pick the highest offer?
Sometimes the highest offer is the right one to choose, after all, it makes logical sense to sell your home for the highest price possible. However, some sellers might choose a lower offer in favour of a better buying position. For example, a cash buyer might offer a lower amount in exchange for a less complicated sale.
The same goes for first-time buyers, or those with a mortgage agreement in principle. If the seller places more value in a quick move, they might lean towards offers from these groups.
Our experts aren’t here to tell you which offer to choose, but we can use our local market expertise and sharp negotiating skills to guide you towards the best outcome for your sale. Remember – it’s your home, so the choice is yours!
Need help getting your home on the market? Contact our dedicated team today to get started
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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