From Listing to Leaving: Navigating Your Home Sale Through Six Critical Steps: Step 4 Strategising the Offer Process in Home Sales:

The offer phase is an exhilarating segment of the home selling journey, involving strategic negotiations that ultimately lead to an agreement satisfactory to both parties.

Navigational Guide to Offers and Counteroffers: An integral part of this phase is your real estate agent, who must convey every offer to you alongside a formal written notice. Though tempting to set a firm baseline for offers, being open to each proposition allows you to weigh its full potential, considering both its strengths and weaknesses.

Critical Factors in Assessing Offers:

• Preparation of the Buyer: A buyer demonstrating readiness, notably through a preliminary mortgage agreement, signals a strong commitment and financial readiness. Their selection of a solicitor and eagerness to commence the buying process are good signs of a smooth sale ahead.

• The Buyer’s Background: Determining whether the buyer is entangled in a property chain or is free to proceed without such encumbrances can simplify the transaction. Their proposed timeline and how it aligns with yours is vital for a harmonious move.

• Financial Assessment: Review the offer your listing price and the minimum you're willing to accept, considering whether the buyer's flexibility or promptness compensates for any lower offer.

• Insights from Your Agent: Utilise your agent's expertise to gauge the competitiveness of the offer, the buyer's seriousness, and the possibility of securing a more favourable deal. Their market knowledge and insight into other interested parties can be invaluable.
  

Formulating a Response to Offers:

Deliberate thoughtfully on each offer, particularly those below your expectations. However, keeping the buyer's interest piqued by replying promptly, ideally within 48 hours, is crucial. It's important to remember your autonomy in accepting offers, especially from buyers not yet positioned to move forward immediately.

For multiple competing offers, a sealed bid approach, where each interested buyer submits their highest offer by a set deadline, might be advisable. This method allows you to select the offer that best matches your needs.

Following Offer Acceptance:

Once an offer is accepted, your agent drafts a Memorandum of Sale, marking the beginning of the formal sales process and changing the property's status to Sold Subject to Contract (SSTC). The finalisation of the sale awaits the legal exchange of contracts, cementing the agreement between you and the buyer.

Effectively navigating the offer negotiation phase is about balancing careful consideration with swift action, ensuring you achieve the optimal result for the sale of your home.

Written by Veera Josey, 16th February 2024