Ok, so the offer is on the Table. Its acceptable in every way. right price. Buyer has Funds and is ready willing and Able to purchase
You accept the Offer and crack open the Proseco!
Don’t celebrate just yet though, there is still a way to go. In one of my previous Tips I spoke about the importance of getting a good Solicitor. And I also spoke about getting a good Estate Agent. Well this is where they both prove their worth. And get you ‘over the line’
Nothing yet is guaranteed. Before Contracts are exchanged the Buyer could pull out, as could you, so there is a degree of Trust all round.
The Estate Agent will issue the Memorandum of Sale which formally introduces the Buyer and Sellers Legal Representatives. The solicitors will then effectively take over and negotiate the finer contract details, terms and conditions between themselves in order to get the Deal Done, and to the satisfaction of their Clients.
The Estate Agent now has a watching brief during this process and should help progress things and keep it moving towards exchange of Contracts. If they are paid a commission on completion it is their interest too to get the Deal Done, so will help coordinate and communicate with both Parties. If you have used an online Agent, ie you paid up front to List the Property only, then you may not have this luxury, so will have to deal with this aspect yourself.
The Last Few days before Exchange can sometimes be the most Stressful, because issues may arise at the Last minute and can put the whole deal in doubt. Both you and he Buyer will get agitated and begin to question the other sides motives. Just remember, both you and your Buyer want to complete so the key is a little patience and whole lot of perseverance and understanding !