By taking a little time to make sure you get the right agent to sell your property and pricing it correctly, it should be no time at all until you receive an offer. Exciting though this is, there are still a few steps to go through before the property is officially sold. You are under no obligation to accept the first offer that is made.Your agent should advise you on any offers received – in some circumstances there may be multiple offers to consider – and help to negotiate the best possible deal for you.
When you receive an offer, there are a number of factors to consider before you decide if you are going to accept it.
- The potential buyer’s financial ability to proceed.
- Whether they are already in a chain and how long the chain is.
- Your buyer’s desired timescale for moving.
- Any conditions that they put on the offer.
- Any other conditions or considerations that may affect their ability to proceed.
It’s important to remember that even if an initial offer is rejected, further offers and negotiations can still continue. Once negotiations are complete, and you have accepted an offer, you will need to instruct a solicitor (conveyancer) who will provide key documents such as a list of fixtures and fittings included in the sale and any guarantees or certificates for any work that has been previously carried out on the property.
The buyer will also have a conveyancer that will raise inquiries about the contract and documents to which you and your conveyancer will need to respond to accordingly.
Depending on the level of sales service you have signed up for your agent will liaise with all the relevant parties and keep you updated on the buyer’s mortgage application, the date of the survey and the outcome. They will also keep you informed as to the status of the legal process and the rest of the chain, if there is one.
Many people wrongly believe that the most demanding part of an estate agent’s role is in securing a good offer. The reality however is that much of the hard work involved in achieving a successful sale is the ability of the agent to keep the chain moving, ensuring that all of the relevant parties are well briefed and remain motivated right through to the exchange of contracts.
It’s important to therefore use an agent who can help push the sale all the way through to completion, as opposed to simply getting an offer. When shortlisting your agents upfront make sure that you ask for details of not only the number of sales that they have achieved (ie the number of offers accepted) but also the number of those sales that actually went through to exchange of contracts and completed.
For the next of our series of step by step guides to selling your property, we explain about exchanging contracts and completion
Find out more about how Northwood can help to sell your home click >>> here.
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