Receiving offers

Receiving Offers: Understanding the Process and Your Options

Receiving an offer on your property is an exciting milestone, but understanding how to navigate this stage is crucial to ensure a successful sale. In this article, we’ll explore what happens when offers come in, how to assess them, and the options available to you to secure the best deal.

1. How the offer process works

When an interested buyer makes an offer, it’s typically communicated through your estate agent. Here’s how the process unfolds:

Offer notification:Your agent will notify you of any offers, providing details such as the offer amount, buyer’s position (e.g., first-time buyer, chain-free), and any special conditions in writing.Responding to offers:You don’t need to accept the first offer you receive. Sellers often have the option to negotiate, counter, or reject offers, depending on the terms. Don't linger, though!Offer documentation:Serious buyers will accompany their offer with a mortgage decision in principle or proof of funds. This documentation can demonstrate their financial readiness and will be qualified by your estate agent.

Offer notification:Your agent will notify you of any offers, providing details such as the offer amount, buyer’s position (e.g., first-time buyer, chain-free), and any special conditions in writing.

Responding to offers:You don’t need to accept the first offer you receive. Sellers often have the option to negotiate, counter, or reject offers, depending on the terms. Don't linger, though!

Offer documentation:Serious buyers will accompany their offer with a mortgage decision in principle or proof of funds. This documentation can demonstrate their financial readiness and will be qualified by your estate agent.

2. Assessing offer value and terms

Not all offers are equal, and factors beyond the price can influence your decision:

Offer amount vs. Market value:Consider how the offer compares to your property’s market value. If it’s lower than expected, your agent can negotiate for a higher price.Buyer’s circumstances:Buyers who are chain-free, cash buyers, or first-time buyers tend to complete the process more quickly, which may be beneficial if you’re seeking a faster sale.Offer conditions:Sometimes, buyers include conditions in their offer, such as requests for certain repairs or fixtures. Review these terms carefully to ensure they align with your expectations.

Offer amount vs. Market value:Consider how the offer compares to your property’s market value. If it’s lower than expected, your agent can negotiate for a higher price.

Buyer’s circumstances:Buyers who are chain-free, cash buyers, or first-time buyers tend to complete the process more quickly, which may be beneficial if you’re seeking a faster sale.

Offer conditions:Sometimes, buyers include conditions in their offer, such as requests for certain repairs or fixtures. Review these terms carefully to ensure they align with your expectations.

3. Negotiation strategies

Negotiating offers is a common part of the selling process. Here are some strategies to keep in mind:

Know your minimum price:Determine your minimum acceptable price before negotiations begin. This will help guide your decision-making process.Counter offers:If an offer is close to your target but not quite there, consider making a counter offer. Your agent can handle this negotiation to reach a mutually acceptable price.Be open to non-monetary factors:Timing, buyer reliability, and conditions can all be important considerations. A slightly lower offer from a dependable, chain-free buyer may be preferable to a higher offer with complex terms. This all depends on your circumstances.

Know your minimum price:Determine your minimum acceptable price before negotiations begin. This will help guide your decision-making process.

Counter offers:If an offer is close to your target but not quite there, consider making a counter offer. Your agent can handle this negotiation to reach a mutually acceptable price.

Be open to non-monetary factors:Timing, buyer reliability, and conditions can all be important considerations. A slightly lower offer from a dependable, chain-free buyer may be preferable to a higher offer with complex terms. This all depends on your circumstances.

4. Accepting an offer

Once you’re happy with an offer, accepting it marks a big step forward in the sale process:

Formally accepting the offer:Inform your agent of your decision to accept. They will communicate this to the buyer, and the sale will move into the “subject to contract” phase, where both parties begin formalising the agreement.Understanding ‘subject to contract’ status:This phase means the offer is accepted but not legally binding until contracts are exchanged. Both parties can still withdraw without penalty at this stage.Preparing for next steps:Once an offer is accepted, your solicitor will begin the conveyancing process, and you’ll work towards the exchange of contracts. By this stage is reached, we recommend that you have already instructed your solicitor through the Open Moove market place, and ideally you will have already filled our your welcome paperwork, carried out compliance checks, and filled out your fixtures and fittings form.

Formally accepting the offer:Inform your agent of your decision to accept. They will communicate this to the buyer, and the sale will move into the “subject to contract” phase, where both parties begin formalising the agreement.

Understanding ‘subject to contract’ status:This phase means the offer is accepted but not legally binding until contracts are exchanged. Both parties can still withdraw without penalty at this stage.

Preparing for next steps:Once an offer is accepted, your solicitor will begin the conveyancing process, and you’ll work towards the exchange of contracts. By this stage is reached, we recommend that you have already instructed your solicitor through the Open Moove market place, and ideally you will have already filled our your welcome paperwork, carried out compliance checks, and filled out your fixtures and fittings form.

What Open Moove Suggests Next

Open Moove recommends these next steps to ensure a smooth offer process:

Evaluate each offer carefully:Consider both financial and non-financial aspects of each offer to ensure it aligns with your needs and expectations.Set clear communication with your agent:Discuss your expectations, including preferred timelines and acceptable terms, so your agent can negotiate effectively on your behalf.Leverage Open Moove’s Resources:Our platform offers helpful insights on negotiating and understanding market trends, so you can make informed decisions confidently.

Evaluate each offer carefully:Consider both financial and non-financial aspects of each offer to ensure it aligns with your needs and expectations.

Set clear communication with your agent:Discuss your expectations, including preferred timelines and acceptable terms, so your agent can negotiate effectively on your behalf.

Leverage Open Moove’s Resources:Our platform offers helpful insights on negotiating and understanding market trends, so you can make informed decisions confidently.

By understanding your options and making informed choices, you can feel empowered to secure the best possible offer on your property.