As a prospective property buyer you have fallen in love with your dream home and want to make an offer. You call the estate agent to make an offer thinking that you'll be the only one. However you then hear the dreaded words. "Due to the considerable interest received we are asking for best and final offers by x date and time"
As a professional property buyer, I find these words extremely frustrating. There are numerous reasons why I don't think this is a fair way to sell a property. First, many buyers would be put off by this approach and might choose to go elsewhere and forget the chase altogether. It's a scary prospect for a typical buyer having to complete a form with your financial information, whilst you sit around for days biting your nails with worry hoping that you will get a call with the winning ticket.
Secondly you don't want to pay too much, however equally you don't want to offer too little. My main problem when selling is that estate agents generally take this process too seriously. As a seller, how do I know that the applicants who lost out wouldn't have offered more if given the chance?
In many cases the winning bidder ends up having a mortgage survey and the property gets down-valued, in which case this isn't fair nor transparent for another buyer who possibly offered a few thousand less, although with cash funds available to cover the difference should the property get down-valued.
Accepting the offer
When accepting an offer for a property, I like to consider all of the following;
1) What is the financial position of the buyer? If cash, has the agents seen proof of funds or a letter from their solicitor/accountant confirming this?
2) What is their proposed timescale? The most important thing to bear in mind is that you need to have your interests aligned. Ie the date that the buyer wants to move in works for you too. If you sell your property in January but need to move by March, then you need to ensure that your buyer has no reasons why this isn't achievable.
3) Is there a chain? If so, how complicated and long is this. Ideally you don't want more than two links in the chain as otherwise there is far greater risk of a sale falling through. To avoid potential fall- throughs, you could consider a quick cash sale to a professional house buyer.
4) Are there any conditions of the offer? These conditions might include; timescale, survey, investigations, remedial works? Surveyors can occasionally dig for problems and therefore if you have a missing gutter, or leaking taps, it would be advisable to fix any issues before the house goes on the market.
You might also want to find out further information about the buyers. Common problems when buying a house including break-ups, death, family issues etc.
If you are a homeowner and would prefer a fast house sale, then a professional house buyer can help you.
If you would like to receive regular email updates containing news stories, case studies, reports and guides from Open Property Group, please provide your email below.
The service I received from Open Property Group was very helpful and considerate of my personal circumstances. A thank you to Jason for arranging a cash advance prior to exchanging contracts, and a lump sum when we exchanged. This was a really big help. Your company is simply the best.
Miss M, Southampton
Efficient, friendly and fair. From sold to exchanged in less than 6 weeks using OPG. We couldn’t fault the service. A professional service that any seller should use. If we had more property we’d definitely use them again!
Mr and Mrs M
The open property group recently purchased a property through my agency and found them to be excellent buyers that were able to exchange contracts within one week at the agreed price. I would highly recommend this company.
Excellent customer service, amazing communication, honest and genuine company who made the process extremely easy and gave any excellent price.
We buy property directly and you won't pay any agent's fees.