26 Apr DO I ACCEPT THE FIRST OFFER I RECEIVE?
This is where you need a good experienced Estate Agent to guide you. They will have the knowledge and experience of working within the area and will be in a position to give you sound advice and guidance on the subject.
Usually, the first offers received will be the highest, this is because of the excitement generated when an attractive property appears on the market. If the property is priced correctly, this may encourage an offer of the full price. If the property is over-priced, an offer approaching the figure should be considered. This is where the advice of a trusted Agent is invaluable.
SHOULD I ACCEPT AN OFFER OF THE FULL PRICE?
Sometimes the answer is yes, subject to checks on the position and financial credibility of the offeror.
Sometimes however, if a lot of interest is generated, producing more than one offer, the advice may be to wait a week before reviewing the offers. Depending on the needs of the Seller (Vendor), an offer from someone who can proceed without delay, even if it isn’t the highest offer, may be preferable. However, if time isn’t of the essence, then someone making a higher offer but in a chain that is complete, may prove to be the best choice.
If there is a particularly high level of interest, then it may be recommended to go to “sealed bids”. This isn’t the same as an auction, because no party will be aware of the bids made by others. This also enables the Vendor to decide which bid to accept, which may not necessarily be the highest.
The advice is not to reject interest from parties who may not seem to be in a position to proceed, because circumstances can change quite quickly.
Rely on an experienced and professional Agent and be guided by them.