How do I handle offers to buy my property?
When someone rings to make you an offer you should write it down, along with who made the offer and any comments they make. In particular, if they are offering less than the asking price then you should note their reasons. Making clear notes will avoid any confusion if you receive other offers.
Always remain calm and polite and thank them for their offer, telling them you will consider it and get back to them quickly with your decision. If you accept an offer too readily they may think they have offered too high and seek to reduce the amount.
One obvious exception to this is if they offer the asking price, when you will be obliged to accept so long as you are happy that they are in a position to proceed and you have had no better offers. Another exception is if the offer is simply too low to accept - saying you will get back to them will suggest you are considering their offer and any further offers will probably only be slightly higher.
Please note that most offers will be 'subject to survey'. This means that the buyer is happy to pay the agreed price so long as a survey doesn't highlight any defects you haven't clearly mentioned already.
Once you have received an offer you should consider it as soon as possible - these people want to buy your house - it is an anxious time waiting for your decision. There is a saying that 'your property is only worth as much as someone is willing to pay for it'. In a bouyant market buyers may offer you more than the asking price if there is little property available, because buyers need to do everything possible to secure the one they want. If there is a excess of property on the market then the very same house could well attract offers below the asking price, because buyers know you have a lot of competition.
If you feel an offer is too low then try to justify why (eg 'there are 3 other houses in the street at the same asking price as mine, so it seems a fair price'). Ultimately though you have the right to hold out for the price you want. If the offer is too low then call the buyer and explain the reasons why you feel it is too low. Many buyers will decide on a price they are happy to pay and then make a lower offer just to see if they can get away with it.
If you reject someones offer try to keep the negotiations going by asking them to consider making a higher offer or maybe asking them what is the highest price they are prepared to go to. You don't have to accept any higher offers but if they mention a price close to what you will accept then there are means of reaching an agreement such as meeting them halfway on any final difference.
Once you agree a price you should ask the buyer to confirm it in writing and also ask for details of their solicitor. Provide them with details of your solicitor so they can inform their own. Once you have the details of their solicitor you should provide this along with your buyers details and sale price to your own solicitor. He can then make contact with the buyers solicitor and start the legal process of selling your house.
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Please note. The information contained within the MyKeys.co.uk 'Guide to selling my own home privately' is for guidance only.
For the legal aspects of selling your own home please contact your solicitor.