Step 6: Accepting Offers
Updated: Dec 22, 2018
Once the offers are on the table, your next big job is to choose the most reliable buyer.
Reliable buyers include those who have already sold their home and are in rented accommodation, chain-free first-time buyers and cash buyers who do not need a mortgage. Bear this in mind but depending on how many offers you get, this choice might not be a luxury you have.
Obviously, there will be other factors you need to take into consideration such as how quickly you need to sell and whether you have found somewhere to move in to yourself.
Do not accept any offer if someone offers to you directly. Tell them politely they will need to contact your estate agent and to put the offer forward to them. Your estate agent can then establish their position, checking the chain if they are selling, what arrangements have they made if getting a mortgage, what are their time frames. Your agent will inform you of the offer and the position of the person that has offered. This will give you some time to think before making any decision on the offer. Your agent will work on your behalf dealing with any negotiations.
If you do accept an offer it is usually ‘subject to survey’, which means as long as the survey doesn’t come up with anything unexpected, the buyer will continue with their offer.
The accepted offer is not legally binding until contracts are exchanged.