Video Guide To Accepting Offers For Your Home

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Video guide to accepting a buyers offer for your property the guide aswers the following questions:
  • I have accepted an offer on my house – what happens next?
  • At what point is the deal legally binding?
  • I have accepted an offer but another buyer has just offered more – what can I do?
  • After seeing the results of the survey my buyer wants to reduce his offer – what can I do?
  • My buyer has dropped out – what can I do?

Dealing with Property Buyers

When a buyer makes an offer for your property its best to take your time before accepting it. I would never make a face to face acceptance so if it is made in person tell the buyer you will come consider the offer and come back to them later. When an offer has been made you need to find the buyers exact position in the market. A first time buyer with a mortgage without a chain is far more attractive than someone who needs to find a buyer for their home.  

Buyers Often Make Three Offers

It is common that buyers will make 3 offers the first one being the lowest and second to find out your bottom line the third and final one to secure a sale.

 Accepting the offer will also depend on your own circumstances 

  1. Are you ready to move have you found a place to move to?
  2. Are you prepared to move to rented accommodation to secure a quick sale?
  3. How soon do you want to move or can you hold out for a better offer
  4. Do you want to arrange more property viewings to see if you can get a better offer?
  5. Is the buyer a first time buyer, have they secured a mortgage from the bank subject to valuation and status.
  6. Is the buyer in a chain, if yes at what stage in the chain are they at?
  7. Will they agree to conditions that you will accept only when they are ready to move?

Once an offer has been accepted its time to exchange solicitor or conveyancer details and let the legal process begin. 

Top Tip; using the local or family solicitor can be a slow and expensive process, conveyancing work can be left t the bottom of the pile of work. Consider online conveyancing companies or specialist solicitors that deal with home buying as a major part of their business. Save time by opting for a conveyancer that offers online tracking

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