Understanding the True Value of Offers
When selling a property, it’s tempting to automatically accept the highest offer. However, the highest bid doesn’t always guarantee the best deal. Your solicitor’s expertise is crucial in evaluating each offer’s merits and potential pitfalls.
Cash Buyers vs. Conditional Buyers
One of the first considerations is the nature of the buyers. Cash buyers, who don’t need to sell another property to finance the purchase, often present a more secure option. If a cash offer is close to those of buyers with properties to sell, it might be the safer choice.
Market Readiness of Buyers
For buyers needing to sell their current property, check if they have already listed it on the market. A buyer who is further along in selling their property is more likely to complete their purchase from you swiftly and successfully.
Location of Buyers’ Properties
The location of the buyers’ properties they need to sell can significantly impact their offer’s reliability. Offers from buyers with properties in high-demand areas are generally more secure due to quicker and easier sales.
Mortgage Considerations
Many buyers will require a mortgage, and an offer’s strength often depends on the buyer’s likelihood of mortgage approval. Offers from financially stable buyers, less likely to face mortgage rejections, might be preferable over higher bids with uncertain financial backing.
Aligning with Your Timeline
Your moving timeline is a crucial factor. If you need to move quickly, a lower offer from a buyer ready to proceed immediately might be more attractive than a higher bid with a delayed timeline. Conversely, if you’re not in a rush, a buyer willing to wait might be a better fit.
Final Thoughts: The Best Offer Isn’t Always the Highest
Having multiple offers is advantageous, but remember, the highest offer isn’t inherently the best. Our experienced property lawyers will guide you through the nuances of each bid, helping you make a decision that aligns with your needs and minimises risks. Consider all factors, not just the price, to ensure a smooth and successful property sale.
If you’re thinking of selling or would like advice on any aspect of buying or selling a house, please contact us.
This article is by Joe Rowan
Joe Rowan, Assistant Solicitor
Joe Rowan is an Assistant Solicitor at Pomphreys, Solicitors, Wishaw, based in our Kenilworth Avenue office. After years as a legal advisor with a football club, Joe decided it was time to get back into mainstream law, preferably in a conveyancing or private client role, areas of law he’s always enjoyed. Happily, for Joe, such a position became available at Pomphreys around the same time, and he was delighted to become part of the firm.
Tel: 01698 373365
Email: jr@pomphreyslaw.com
