When you are planning to move house it can be tempting to accept the first buyer who comes along with an attractive offer. However, buyers come in all shapes and sizes, and it is important to assess your purchaser’s ability to perform before accepting any offer, especially in this market.
We often receive offers from people who themselves have a property to sell that is not yet under offer. Depending on the circumstances, our advice is generally not to accept such an offer. The main reason is that by doing so, you would effectively be linking – and possibly reducing, the saleability of your own property to the saleability of theirs. Their property may not be as saleable as yours, so you would need to check this out first. Whilst they might tell you that it is likely to sell quickly because of its immaculate presentation, unique architecture or stunning views, these attributes do not necessarily make it a saleable proposition if the price is too high. If, of course, their property is regarded as being more saleable than yours, then it might well be worth accepting their offer.
What about your buyer’s financial ability? Do they have confirmation from a recognised lender confirming that they qualify for the right size of mortgage, subject only to your property being suitable for mortgage purposes? You could also ask for their solicitor to confirm that any other monies required are available.
By accepting an offer from someone who has a property to sell, you risk slowing down your move, and in doing so you also risk your property becoming an old chestnut should their offer subsequently fall through and the property has to be remarketed some time later.
There is more to selling your home than finding a buyer, so do take advantage of our skill and experience in qualifying anyone who makes an offer.
Haydar Sehri's blog