For some reason, this part of the selling process seems the most daunting.
Let us consider exactly what happens when an Estate Agent carry’s out this task. Mr. Smiff, having viewed your property decides he wishes to buy. Mr Smiff phones the Estate Agent and informs him of his offer; the Estate Agent now telephones you and informs you of Mr Smiff’s offer. You accept or decline, the Estate Agent then phones back Mr Smiff and informs him, his offer has been accepted or declined, That’s It.!
This can happen numerous times until an agreement to purchase has been reached, seems like the Estate Agent charges a lot of commission for carrying out this form of negotiation. Estate Agents will argue that they carry out other checks on your behalf; the most recent being uttered is the “Money Laundering Act”. Seems a very important thing to do would you think? Fear not, your solicitor automatically carries out this task as part of his service to you and the law demands it.
The average initial viewings prior to sale are seven. Some viewers may return several times to further check specific details, or to request window sizes to ensure their existing curtains will suite. Be patient. If they return, they want to buy, they are just convincing themselves of that fact.
If your property is reasonably priced, in reasonable condition, it will sell itself. If a viewer makes an offer, accept or reject as you see fit.
Without exception, the first offer made by a buyer is usually smaller than your asking price, this is usual and you should not take personal offence, it’s all part of the selling/buying process. It is not advisable to accept or decline any offer straight away, ask for 24 hours and you will get back to them. You will then have time to reflect and consider without the pressure of the buyer standing in front of you.
As you are selling the property yourself, point out, that the savings you are making by not using an Estate Agent is reflected in the asking price.
Assert that your property is reasonably priced for sale and consider the offer to be too low.
Time encourages the potential buyer to daydream and visualize himself or herself living in your home, 24 hours isn’t a long time, be patient.
Try to remember the feelings and emotions you experienced when you first purchased the house, all buyers go through the same emotions and visual expectations, where does our furniture go, what colour will we use in the lounge, what has to be got rid off?
If the buyer returns with an enhanced offer, you can again take time to reflect on the offer and give your answer 24 hours later.
It is illegal to invent an offer thereby encouraging a higher offer. However you can confirm that you have further interest in your property if this is so and will wait to assess the outcome.
When you have an agreement to buy at an acceptable a price, you will require from the buyer their solicitor’s details, you in turn will provide the buyer with your solicitor’s details. We have included a list of local solicitors in the links tab, we have no association with these solicitors; we merely provide their details as a service to our clients.
If upon accepting an offer, the buyer request that you remove the property from sale, you can agree to their request, however there is no compulsion in law to enforce this. The buyer could pull out at the last minute before contracts are exchanged, thereby leaving you having to start all over again. By not agreeing to withdraw your property from sale, this will enable any further buyers to offer more for your property and may encourage the initial buyer’s solicitor to act faster.
Upon exchange of contracts, the buyer is legally enforced to buy, or forfeit 10% of the sale price to cover your expenses if they withdraw. It is therefore imperative that you keep your solicitor updated and informed, the squeaky wheel always gets oiled first, keep phoning them.
Your solicitor will send a "Head of Terms" document, which itemizes the details of the offer. You will also receive a form itemizing what fixtures & fittings will remain in the sold property. It is advisable to photocopy both copies prior to returning same to your solicitor.