AVOID THE MISTAKE OF REJECTING AN EARLY OFFER

Many homeowners can fall victim to rejecting the first offer on their property because either a) The property has only just gone on the market or b) They feel they can get more because the first offer was so good.

It’s very hard to not think that way however you should always strongly consider all offers regardless of when they come in. It’s not how long the property has been on the market it’s how long the buyer has been in the market. A lot of the time the buyer who has made that initial offer has often lost out on other properties, had a property fall-through on them (not literally) or not found the right one after looking for many months.

I always believe if you have achieved asking price or above, from a proceedable buyer who ticks all the boxes, you’d probably want to strongly consider accepting that offer.

If the figures don’t work at asking price or above for you, you have either not being open with the agent about what you truly need to move, or you should have gone on at the minimum price you can afford to accept. The chosen agent may disagree with your minimum figure believing your home not to be worth that in today’s market and therefore would not of wasted your time allowing you to believe it is.

Should you remain on the market weeks down the line with a lack of interest, the main way to the pickup that momentum again is by reducing the price and therefore dropping below the previous offers you’ve had. If your home has been on the market for several weeks after receiving an offer and you wish to go back to the buyers who made that offer, it’s highly likely due to their motivation to find, that they’ve gone on to secure something else.

Another thing to strongly consider at this point is the competition. Your home may be the first one like it live on the market within your area and therefore buyers will queue to see it first, however, neighbours with a similar type of property may think if yours is on at that figure, there’s must be worth that too and then suddenly you have several comparable properties in the area giving buyers more choice. You are no longer at this point on the market in isolation, you are on the market in competition.

Your chosen agent should discuss this with you at the time of offers coming in because they’ll understand whether the offer received is a good one and whether it’s likely to value up from a bank’s perspective. Any buyer can offer any amount but if it’s reliant on a lender for funds, it needs to value up at point of survey. Do not mistake the agent’s honesty and transparency for desperation thinking they just want another sold board up regardless of the offer.

NEVER ASSUME YOUR FIRST OFFER WILL BE THE LOWEST OFFER.

Questions to consider;

  • Does it meet or exceed your expectations?
  • Have similar properties to yours, within your area, achieved a similar price?
  • Is the buyer motivated and in a strong proceedable position?

In the words of Phil Spencer: The best buyers are often first through the door and the early days of putting your house on the market are when you’ll see the most activity.

See Phil's thoughts on accepting an offer HERE

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