Great News, the Agent rings you to say that the Lady and Gentleman who viewed on Saturday morning want to make an offer…..
Your Agent is duty bound to report all offers for the Property to you. So no matter how ridiculous the offer may be they must pass the offer onto you in writing. Thankfully, the Emergence of Email has made this process so much easier!
So you’ve had this offer. Do you accept?
First thing to consider is obvious, does it match your Price? If its what you were expecting then that’s a good starting Point.
Then next step is to look at its viability. What position are those making the offer in? Have they sold? Are they even on the Market? What’s their financial status? Have they arranged for a Solicitor ? Put simply, are they serious about Buying ? They need to be motivated, organized and in a good financial Position to proceed?
If necessary ask for Proof. Your Agent should contact their Agent to Check the Chain to make sure that its not too long and is viable i.e all the links have Buyers with accepted Offers and the end of the Chain has a place to Rent if Applicable. Proof of Funds is always a good thing. Ask to see a Bank Statement showing Deposit and a Letter confirming the Mortgage Offer in Principle. A lot of time can be lost, by accepting an offer from someone who is not organized or serious about moving home.
Are there any conditions attached to the Offer?. Weigh up what they are and the impact they may have both in terms of Cost and Time taken. For Example they may insist that some maintenance or other factor is provided for, before they will exchange. This may cost you and also may take some time to get done. To be honest though if this is an issue now, why wasn’t it addressed before?
You too can choose to Accept the Offer but in return you can specify certain conditions. For example you could set a realistic time Limit for completion. Provided you don’t deliberately hold things up , then this is reasonable to do so.
If you have identical offers from different Parties, and cant choose between them, then Set up a contract Race. First to be in a position to Exchange, gets the Property. Speak to you Solicitor before you entertain this though!
Finally, go with your Gut feeling. Sometimes you might get a feeling that something is not quite right or you think that the Person is a bit Flaky and liable to backtrack or change their mind.
Therefore, the highest Offer is not necessarily the Best Offer…..