You’ve put your property up for sale and now you’ve received several offers. How do you choose the right one? Contrary to what some might think, the biggest offer isn’t always the best offer. It’s important to evaluate each carefully. This will help you find the one that not only gives you a good return, but is most likely to progress to completion. Here are a few things to consider before handing over your keys.
While the offer isn’t the only factor to consider, it’s a good place to start. Make a shortlist of the best offers and start from there. Set a worst-case price in your head and aim to reject any offers lower than that figure. Also, avoid any offers that are less than your house valuation price.
Most buyers need to sell their home before they can buy a new one, which creates a ‘property chain’ of buyers and sellers who are dependent on each other. If a potential buyer is part of a long chain, the more complicated matters become and the higher the risk that something could go wrong. For example, if one buyer changes his or her mind, this could cause the entire chain to collapse. First time buyers, cash buyers and people looking for a second home aren't relying on anyone else, and are usually a safe bet.
Ideally you want a buyer who can move in as close to your own moving date as possible. If they're not ready to buy until a few weeks after you move, you may need to take out a bridging loan to cover the cost of your new home. Alternatively, if they want to move in a few weeks earlier than you're able to move, you could end up renting a property. Even if an offer is good, some sellers find it too stressful and expense to find temporary accommodation.
You'll be dealing with your buyer a lot over the coming weeks as you negotiate the terms of the offer. If you get a bad feeling about someone, choose a buyer you feel warmly towards instead. Even if they're offering slightly less, they could be less hassle in the long run.
At HouseSimple.com, our professional negotiators provide advice and support to help you get the best deal possible. To find out more about selling with us, sign up for your free trial today.