Saturday, 2 January 2016

Considering offers when selling a property

  • Some agents will make up fictitious (low) offers, to get client to lower the asking price
  • Insist that agent confirms all offers in writing
  • Buyers are ranked as follows (worst to best):
    • Buyer has property of their own to sell which is not yet on the market
    • Buyer has property of their own to sell which is on the market
    • Buyer has property of their own to sell which is under offer
    • First time buyer
    • Cash buyer
  • Before accepting an offer, ask agent to check they have mortgage agreement in principle in place and that they are in a position to move.
  • If not, keep the property on the market.
  • To test commitment of buyer, push them to have mortgage survey carried out asap after offer accepted.
  • If buyer asks you to take property off the market, agree a short deadline for exchange of contracts and make clear that property will go back on the market if their solicitors delay.
See other tips on Buying a Property and Selling a Property.

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