Selling your home can be a challenging process, but it is far from the traumatic episode the media tries to portray. Yes, this is a difficult time in the UK property, but deals are still going through. High-quality homes in fantastic areas are always in demand, and many vendors experience considerable interest in their home.
It is fair to say many homeowners end up receiving more than the offer for their home. In this situation, it is likely vendors accept the most extensive offer. The more money you have when selling your home, the more options you have with your next move.
However, there may be other factors to consider. Your overall needs and circumstances may dictate what offer is best for you, and it may not be the most significant price. It is nice to make a profit and have more money, but if you need to sell quickly, or you want peace of mind, you may have other offers that are better for you.
A cash offer often trumps a mortgage-backed bid
Depending on how quickly you need to sell your home, you may be keen to accept an offer from the buyer who can facilitate a fast deal. In this concern, a cash offer is more attractive than a mortgage-backed offer. Even if the cash offer is slightly less than the mortgage bid, some vendors will decide the cash offer helps them move in the manner they wish to proceed.
If the mortgage agreement is in principle, the prospective buyer may not get it. Even if the mortgage is approved, it may take weeks to arrange and organise. If you need to sell up and move on quickly, this delay may not be suitable for your needs.
Is the buyer in a chain?
Another issue which influences a vendors’ thoughts is whether the buyer is involved with a property chain. If the buyer is part of a chain, the deal may be delayed, or even collapse, through no fault of your own. Being part of a chain creates uncertainty and doubt for many vendors, and many will be keen to minimise the risk of a deal.
If you receive an offer from a first-time buyer, their bid will look attractive compared to a buyer in a chain. First-time buyers aren’t part of a chain, so there are fewer risks, and you may feel more confident about the offer.
Does the buyer seem motivated?
You should talk to the buyer, and determine how motivated they seem about the deal. A buyer who is keen to purchase the property and move in will push for the agreement to be concluded quickly. However, if the buyer seems relaxed at timings, they may not be motivated to ensure the deal completes quickly. You may wish to consider this if you have similar bids.
If you are looking to move on and you need help in gauging offers, Hunters Camberwell is here to help. We offer a free valuation service, and whatever help you need selling your home, we are on hand. Contact us today to make sure you make an informed decision when selling your home.