LIVE 24-SEVEN
SELLING A PROPERTY? IS THE HIGHEST PRICE THE BEST OFFER?
Spring is on the way, which is traditionally a busy time of year for the property market. Tim Treherne, a residential property solicitor with Lanyon Bowdler in Hereford, shares some tips on how to make your sale go smoothly.
“When we speak to people with a property on the market, getting the best offer is always at the forefront of their minds - but what actually is ‘the best offer’?
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You might automatically think that the highest price would constitute the best offer, but that’s not always the case. A lot will depend on the position of your potential buyer.
The most desirable situation is a cash buyer with no property to sell, but they are rare. The next best option is a buyer with nothing to sell and a mortgage agreed in principle. They are also hard to find, and the most common situation is that sellers have a buyer who is dependent on the sale of their own property and is likely to be in a chain.
Your estate agents will be able to obtain information about the position on all parties in the chain so you can make an informed decision when comparing offers. Put simply, the smaller the chain, the better.
The longer the chain and the more linked transactions, the more potential for the sale to be delayed and fall through. I have seen plenty of sales agreed at higher than expected sale prices where the buyer is not in a position to proceed immediately.
The worst-case scenario has seen the seller refusing a reasonable offer after being blinded by a high offer, waiting for the highest bidder to be able to move, only to find that the buyer inflated the offer to reserve the property and at the last minute reduced their offer, by which time the other bidders have lost interest.
Of course, not everyone will be in a position to accept a lower cash offer, but it’s important to remember that price is not everything.”
For more residential property advice, give Tim a call on 01432 346613.
LIVE24-SEVEN.COM
BUSINE SS LANYON BOWDL ER SOL ICI TORS
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