Should I accept the offer?

When you are keen to move house quickly it can be tempting to accept the first buyer who comes along with an attractive offer. Or, if there are multiple bidders, it only natural to opt for the buyer offering the most money.

In most cases, you’ll be right to do so – but not always. That’s because not all buyers are equal. They come in various shapes and sizes, and it is important to assess your purchaser’s ability to perform before accepting any offer.    

At Ed Dempsey & Associates, we often receive offers from people who themselves have a property to sell that is not yet under offer. In the current market, our advice to our seller generally would be not to accept such an offer.

The main reason is that by doing so, you would effectively be linking – and possibly reducing – the saleability of your own property to the saleability of theirs. Their property may not be as saleable as yours, so you would need to check this out first.

Whilst a buyer might tell you that it is likely to sell quickly because of its immaculate presentation, unique architecture or stunning views, these attributes do not necessarily make it a saleable proposition if the price is too high. If, however, their property is regarded as being more saleable than yours, then it might well be worth accepting their offer!

There are other issues to consider, such as the buyer’s financial ability to complete the sale. Do they have mortgage pre-approval from a recognised lender confirming that they qualify for the right size of mortgage, subject only to your property being suitable for mortgage purposes? You could also ask for their solicitor to confirm that any other monies required are available.

By accepting an offer without fully assessing its validity, you might potentially jeopardise your move. In doing so you also risk your property having to be remarketed at a later stage should the offer subsequently fall through.

Not all offers are what the first seem – and it is not unusual for them to lose the lustre after a closer look. There is more to selling your home than finding a buyer, so do take advantage of our skill and experience in qualifying anyone who makes an offer.

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