Seller’s Guide

Advice and industry knowledge to help you take control and sell your home.

Handling an Offer

So you’ve got to the point where your buyer is interested in your property. Talking finances directly with your prospective purchaser on a face to face basis may be intimidating. You may suggest that it would be better for them to email you so you have time to digest the offer and diplomatically negotiate between yourselves. You may be happy to sit down over a cup of coffee and talk about what you are prepared to accept.

The solution to this is that it depends entirely on how comfortable you feel with your viewers. Estate Agents act as a middle man for a very good reason and give the opportunity for buyers and sellers alike to reflect on what it is they want to do without pressure or emotional involvement. As a seller if you do indeed feel this way, then politely ask your prospective buyer to put it in writing to you. (EXACTLY AS YOU WOULD STEER THEM TO GOING THROUGH AN AGENT IF YOU WERE USING ONE!)

What’s the worst that can happen?

• 1) The offer is the asking price and you choose to accept.
• 2) The offer is close to the asking price or what you (as a seller) are prepared to accept
• 3) The offer is too low

Options 2). And 3). Can present varying levels of difficulty from the sellers perspective and certain doubts or questions may arise, such as:

• Should we accept the offer?
• hould we reject the offer?
• The offer is close to what we would accept but how can we get the buyer to increase?
• The offer is drastically less than we are prepared to accept

Remember...You have complete executive control over your property!

Consider, if you are thinking about accepting the offer at what level you set the price and why. Bear in mind if the acceptance of the offer allows you to move into the property of your dreams the consequences of rejecting it and the possibility of having to wait longer and losing that property.

Receiving your offer in email format may give you the time to fully take on board your options.

If the offer is close to what you are prepared to accept but would like more you may want to tell your buyer that you are "looking for closer to the asking price and is there any movement on what they have put forward?"

The worst that can happen is that your buyer will either say yes to your terms or no.

From a positive aspect though, you have been made an offer and your home is desirable! But perhaps more work needs to be done to acheive offers closer to your asking price.

There are varying negotiables you may want to offer as part of the terms of sale such as: integrated appliances, curtains and curtain poles, blinds, carpets, light fittings, furniture etc.

If there is something you would be willing to leave behind to get an offer accepted you may want to consider what that might be. In the end it may be the difference between getting moved and staying put.

But don’t forget the finer points of the Offer!

It can often be the easiest thing to do when considering an offer is the figure that the prospective buyers have put forward and to get carried away with the negotiation. It is advisable to ALWAYS consider the following in conjunction with the offer:

• Has the buyer(s) sold their property?
• Are the buyers involved in a chain of sale for their property?
• Is there anything to be included in the offer? (also needs confirming with the conveyancer/solicitor you decide to instruct for your move).
• Is there a timeframe of completion (moving date) to be met?
• How are you buyers financing the move?
• Can the buyers provide proof of finances for the move?
• Who is doing the conveyancing for both purchaser and seller?

Such information may help you decide between choosing one purchaser over another, but it will also allow you to feel more confident that your buyers are serious about your property and that they are taking the necessary steps to secure their purchase and get the moving process underway.

HAVE YOU THOUGHT ABOUT PART EXCHANGE?

(NB, It is advisable to seek expert financial advice if you do not understand the process and implications of how this is done).

Although this can sometimes be a rare occurance it is not something to be scoffed at. Just as you would perhaps part exchange a car to a car dealer you may be able to do the same with your property consider the following scenarios:

The Newbuild:

As a seller you have seen a new build site that is offering the type of home you would like to buy. Why not approach the site to see if they offer part exchange deals for your property and would they entertain buying yours (to resell later) to enable you to secure the purchase you are after.

The downsizer:

You may be looking for a smaller property if you no longer need the home that is currently too big for you. Are your buyers trying to sell something that would suit your taste and needs. Have you thought about a part exchange option with them?

The buy to let investor:

Do you have an offer from a buy to let investor who in turn may have other properties in their portfolio that they are willing to part exchange with you in order to secure a purchase on your property?

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