So You’ve Received An Offer, What Should You Do Next?

 

Every seller want’s to hear the great news that they’ve receive an offer on their home or sometimes multiple offers which is what I aim for.

When those offers come in there is some important work to do before anything goes ahead. Those offers need to be qualified.

33% of house sales fall through and it can be devastating when you think you’ve sold, only to find out that you may not be moving after all. This can cost home owners thousands of pounds. The cost is not only monetary because there is also the wasted time and the stress caused.

Fortunately this situation can be avoided and a good agent will take the necessary steps to avert that end.

Qualify The Offer

When an offer is made you need to know if the person can actually afford to buy at the price offered. To be sure you need to see evidence. If the person is a cash buyer then you will need to see evidence by way of a bank statement showing the funds.

If the person is buying with a mortgage then you will need to see a copy of their mortgage certificate as well as proof of their deposit. Your agent should obtain all of this for you.

Check the chain

Sometimes an offer comes in from someone who is in a chain. For example, they may have a property to sell which is under offer so your agent needs to check how advanced the sale is and the sale of all the properties involved in the chain. This means speaking to all estate agents in the chain and asking the right questions to fully understand the situation.

Your agent should provide you with all the information when they put forward an offer so that you can make an informed decision about the offer. If they don’t, then you should ask for the information before considering an offer because with 1 in 3 sales falling through, you don’t want to accept an offer from buyers in an unfavourable position and risk missing out on a cash buyer for example.

Your agent definitely shouldn’t negotiate with a buyer before this due diligence is carried out as this can get your hopes up prior to getting bad news further down the line.

I hope you found this useful.

Joe

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