Negotiating and Considering Offers
Once an offer on your property has been made, your chosen estate agent will then carry out checks and inform you of the details. These checks will authenticate the buyer to ensure a smooth sales process.
Whether you agree to the offer is entirely your decision, however, your estate agent will be able to offer you advice, especially if they feel that you can negotiate. This is one of the most important parts of the selling process so it is advised that you make yourself as available as possible as any ignored phone calls could hinder the process.
If you receive many offers, you should consider the buyer as an individual, not just the offer presented. To help you during this time, your estate agent will ask the buyer related questions to see if they are suited for your property.
During their conversations with potential buyers, the estate agent will be considering the following:
Are they paying in cash? If so, this helps speed up the process.
Are they first-time buyers? First-time buyers are attractive buyers as they are not already on the property chain and are less likely to be tied to any other influences
Are they selling a property too? If the potential buyer has a property on the market that is already under offer, they will be looking to move very shortly.
Is their mortgage agreed in principle? If a potential buyer has an agreed mortgage, then you will immediately know that they have the funds to complete the sale transaction.
Do they have a property solicitor? A buyer with an appointed property solicitor is likely to move ahead quickly with the buying process.
What is a sealed bid?
A sealed bid is often used in busy areas where the demand for property is high. This means that properties usually attract a large number of viewers and prospective buyers.
After viewings, your estate agent will typically contact all potential buyers and ask them to submit their best and final offer. During this time, your estate agent will find out more information such as if they are ready to move or if they have a mortgage approved in principle.
Once you have received all bids, you decide which seller has the best offer. If you cannot decide between two or more, you can ask for additional bids to determine the new owner.
The sale of your property will only be official and legally binding once the contracts have been exchanged.