What to do when you get an offer on your house
Most estate agents in the UK advise that it takes between four and six weeks to receive the first offer on a property. When the first offer comes in, it is important that they let you know of it, even if far short of the asking price.
When they call to advise the offer, they will let you know all the basic details of the seller, their position in the market and, importantly, the value of the offer tabled. Rather than look at the amount offered and make a decision, what counts is the position the buyer’s are in.
For example, the best placed people are usually first time buyers and those with no property of their own to sell. Buyers that have sold subject to contracts being exchanged are also good, whilst investment buyers can also move quickly. If an offer comes in from those in such a position, it is worth considering taking the property off the market.
In many cases though, offers will come from those still in the process of selling, so the best estate agents will always provide their expertise and guidance into the situation. One thing that is essential, is that the property continue to be marketed, viewings conducted and further bids offered.
No matter what the position the buyer is in, it is generally good not to accept the first offer if below the asking price. This is the time for negotiation and the buyer would have been advised to go in with a low bid. As such, it is good to counter the offer with a slightly adjusted price or, if confident, maintain the asking price.
As can be seen with our customer reviews at meetmyagent.co.uk, the best estate agents will provide vital support and assistance at this time, and ensure the financial position of the buyer has been validated. All these details taken care of, the sale can be completed.
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