9th August 2022
How your Chester Estate Agent can help you choose the right offer
When you put your property on the market, you expect to get offers that are close to the asking price. However, in today’s low supply property market, it’s not uncommon for homeowners to receive several offers that are higher than what you are asking. If you’re in this fortunate position, it’s important to remember that the highest offer isn’t always the best. There are lots of other factors to consider before choosing which offer you’ll accept. This blog explains how your Chester Estate agent can help you choose the right offer on your property.
Their financial position
Your Estate Agent will check their financial position and whether they have the funds or mortgage in place to proceed. If you have several offers around the same price, is essential that your agent requests proof of their funds or mortgage approval in principle.
Whether they have a property to sell
The next thing for your agent to check is whether they have a property to sell as this could delay the speed of the sale. If they do have a property to sell, your agent will check whether it’s under offer and how far down the line the sale is. Has a survey been completed? Have enquiries been raised and answered? When is the expected date for exchange and completion?
If your offer comes from a buyer in the middle of a chain, the transaction will be delayed until other purchasers can proceed so bear this in mind with your own plans.
Depending on your situation and whether you have found somewhere to move to, it’s important to know how your purchaser’s sale will affect their ability to purchase yours.
Talk about timing
It’s important to be clear about timing with your potential buyers – and to communicate this at the offer stage, rather than further down the line when negotiations might be too late.
If you haven’t found anywhere to move to yet, you need to be clear so that the potential buyer can exercise a little patience. You don’t want to feel rushed into a purchase that isn’t quite right just because someone wants to buy your property. Remember that the right buyer will be patient if it’s a property that they really want to buy.
On the other hand, if you need to move quickly, you’ll want a buyer who’s willing to do the same.
Be open and honest with your Estate Agent
A good estate agent will handle all negotiations for you and ask these questions on your behalf to help you weigh up your offers. The important thing is to be open and honest with them from the outset so that they can communicate your situation to your buyers and help you select one that is proceedable.
The emotional appeal
There’s also an emotional aspect attached to who buys your property, and many buyers are turning to writing personal letters to the seller in an attempt to win them over.
If you receive two offers of the same price, who are both in the same situation, it may be the rapport you have with them, or the love for your property that clinches the deal for you.
When you start receiving offers for your home, it’s our job to communicate these to you, giving you a full profile of potential buyers so that you can weigh up which buyer to proceed with.
If you’re considering putting your Chester property on the market, we’d love to give you a no obligation valuation. Contact our friendly team today on 01244 346226.