Getting multiple offers on your property is a good thing to happen, but it can also become overwhelming. Estate agents do the research that builds trust with those they work for, and then stay better informed so you can confidently walk through this process and make the right decision according to your own needs.
Keep Calm and Inspect Offer by Offer
Do not jump right in for the first offer you get. Review all offers diligently. As well as looking past the number of zeroes on a headline price, consider how much money your potential purchaser has in their back pocket and whether they are tied to obtaining mortgage approval themselves or part of an existing property chain. Cash buyers or those already approved for their mortgage can generally move more quickly and without the risk of sales falling apart.
Communicate Clearly and Transparently
Communicate regularly with your estate agent. This will encourage honest offers and also keep the whole thing fair.
Consider More Than Just Price
Sometimes a higher offer isn’t always the best. Consider also the target completion date, any caveats placed (e.g. surveys or repairs) and how flexible the purchaser is In other cases, adjusting your offer slightly downward may make more sense (especially if you have fewer conditions or a faster closing timeline).
Invite Best and Final Offers
If you’re having multiple offers, have the agent ask all parties to submit their “best and final” offer by a certain date. It is honest and sometimes results in buyers making their strongest offer. When you need a Stroud Estate Agents, consider visiting https://www.tgres.co.uk/stroud-estate-agents
Make an Informed Decision
Consider your options with the agent once all offers are in. What are your priorities – are you in a hurry to get the house sold, do you want top dollar for it or is getting rid of problems more important? Your agent will assist with the negotiation and selecting the right buyer for you.
Keep the Process Moving
Accept a sale and move it through. This way, all parties can quickly react to any new information about the property and it minimises delays and reduces buyer second thoughts.
Trying to manage multiple offers can be a juggling act! Remember to communicate well, think things through and a good estate agent will help you achieve the best outcome for your property sale.
