FINE & COUNTRY A BET TER OFFER
Not all offers on a property are equal, but it’s more than the amount that determines the best offer. Jonathan Handford from Leamington Spa discusses the factors to consider when considering an offer.
62
So your property is on the market, you’ve had a number of prospective purchasers come and view your home, and now you have multiple offers. What happens next? It is actually not uncommon for vendors to receive more than one offer on their property, especially if the home is situated in a sought-after area and the real estate market is buoyant. While it may be tempting to accept the highest offer, it’s important to remember that contrary to popular belief, the highest offer and the best offer are not always the same thing. It is important to examine the merits of all offers, paying particular attention to the clauses of each contract.
Your real estate agent can provide some valuable insight when comparing offers. The agent is instructed by you and is mandated to act in the best interest of the homeowner to ensure the optimum outcome is achieved in the property transaction. But while achieving the highest possible sales price is ultimately the end goal, the highest value offer might not always be the optimal choice. Several other factors come into play here before making a final decision.
When reviewing each offer, there are a few critical elements a vendor should consider. Here are the main factors:
IS THE OFFER CONDITIONAL? Offers in today’s market are often subject to something, whether it’s the buyer having to sell their current home before they can purchase your property, finance, or a building inspection. This can have an impact on how quickly the sale is completed, so it’s
important to consider how long you are willing to have your property off the market while the terms and conditions are being met. This is particularly important if you have already committed to purchasing your next home within a specific time frame.
DOES THE BUYER HAVE A DEPOSIT? We all know that the buyer will need to have the deposit, but the percentage can vary. The more money the buyer has available to put down as a deposit, the greater the chance they will have of obtaining the required finance to purchase the home. Having a good-sized deposit is therefore a positive indication of the buyer’s financial position and how serious they are about buying your home.
IS IT CASH OR FINANCE? Generally, the fewer complications involved in financing the home purchase, the better. This means cash is king. It doesn’t have to be a deal-breaker or maker, but a cash offer can sometimes be worth more than a financed offer in terms of a quickly completed sale.
THE SETTLEMENT DATE If there is a date that suits you better, whether it’s earlier or later, this can be an important factor to consider. If you
are not wedded to a particular time frame, a shorter settlement time frame is preferable as it mitigates any complications should the transaction not materialise.
When it comes down to it then, look at the offer, but also give it a little deeper consideration to determine what is going to work best for you, based on your needs and the conditions of the offer.
For advice on selling or buying property, please contact Fine & Country Leamington Spa on 01926 455950 or visit
www.fineandcountry.com/uk
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE F INE & COUNTRY
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132
