What makes a strong offer on our property?
Receiving an offer on your home is an exciting moment.
After preparing your property, launching it to the market and welcoming potential buyers through the door, somebody has decided they'd like to make it their home.
Naturally, one of the first questions you'll ask is:
How much have they offered?
Price matters. But when you're deciding whether to accept an offer, it shouldn't necessarily be the only thing you consider.
Because the highest offer isn't always the strongest offer.
An offer is more than a number
Imagine you receive two offers.
One buyer offers slightly more but still needs to sell their own property before they can proceed.
Another offers slightly less, but they've already sold, have their mortgage arrangements underway and are ready to move.
Which is the better offer?
There isn't automatically a right answer.
It depends on your priorities, your own onward move and how much certainty you're looking for.
That's why at Brown & Brooke, when we present an offer, we want you to understand as much as possible about the buyer behind it, not just the number they've offered.
Is the buyer in a position to proceed?
One of the first things we'll want to understand is the buyer's position.
Are they a first-time buyer?
Are they selling another property?
If so, is their property on the market, under offer or already progressing through a sale?
Are they a cash buyer?
Do they require a mortgage?
The fewer dependencies there are between an accepted offer and completion, the more straightforward the transaction may potentially be.
That doesn't mean a buyer in a chain is automatically a poor buyer. Many successful property transactions involve chains.
It simply means their circumstances need to be understood.
Has their financial position been checked?
An enthusiastic buyer isn't necessarily a proceedable buyer.
Before you make an important decision based on their offer, it's useful to establish whether they appear financially able to proceed.
For a buyer requiring a mortgage, this might include understanding whether they have an agreement in principle and whether their deposit and intended borrowing appear consistent with the purchase.
A cash buyer may not require a mortgage, but their position should still be understood.
No checks can guarantee that a transaction will complete, but establishing the buyer's circumstances early can help reduce avoidable uncertainty.
How important is the chain?
Property chains are one of the reasons the strongest offer isn't always simply the highest.
Your buyer may need to sell to somebody else, who needs to sell to somebody else, who may also be buying another property.
The longer or less established the chain, the more moving parts there can be.
If you have an onward purchase of your own, the buyer's ability to fit with your circumstances may be particularly important.
Sometimes a slightly lower offer from a buyer in a stronger position could be worth serious consideration.
At other times, the difference in price may make waiting worthwhile.
Our role is to give you the information you need to weigh that up.
What does the buyer's timescale look like?
Price and position aren't the only considerations.
Timescale can matter too.
Perhaps you're hoping to move relatively quickly.
Perhaps you've found an onward property and need a buyer who can fit into that transaction.
Or perhaps you need more flexibility because your own plans aren't finalised yet.
A buyer who understands and can accommodate your circumstances may sometimes be more attractive than one whose timescale creates difficulties for your move.
This is why understanding your objectives is so important when we're considering offers with you.
What if you receive several offers?
Multiple offers can be a good position to be in, but they can also make the decision more complicated.
It can be tempting simply to choose whoever offers the most.
Instead, we'd encourage you to compare the complete picture.
For example:
- The amount offered
- The buyer's financial position
- Whether they have a property to sell
- The position and complexity of their chain
- Their proposed timescale
- Any conditions attached to the offer
- How well their circumstances fit with your own move
An offer that looks strongest on price alone may look different once all of those factors are considered.
Should you always accept the first good offer?
Not necessarily — but you shouldn't automatically dismiss it either.
The right decision depends on the level of interest in your property, how long you've been marketing, current buyer demand, the strength of the offer and your own circumstances.
Sometimes waiting can produce a better result.
Sometimes a strong, proceedable buyer is worth securing.
The important thing is that the decision is based on the information available rather than an assumption that another buyer will inevitably offer more.
Can an accepted offer still fall through?
Unfortunately, yes.
Until contracts are exchanged, circumstances can change and a property transaction can encounter problems.
Mortgage issues, surveys, legal enquiries, changes elsewhere in a chain and buyers' personal circumstances can all affect a transaction.
No estate agent can guarantee that an accepted offer will reach completion.
What we can do is try to understand the buyer's position before you make your decision and then actively progress the transaction once a sale is agreed.
That's a major part of the Brown & Brooke approach.
The best offer is the one that works for your move
Ultimately, there isn't a formula that determines the perfect offer.
A first-time buyer offering slightly below asking price might be ideal for one seller.
Another seller might prefer a higher offer from somebody in a chain.
Someone else may place greater importance on flexibility around completion dates.
That's why we'll talk you through each offer and the information we have about the buyer so you can make an informed decision.
The final decision will always be yours.
Our job is to help you understand the options, negotiate on your behalf and give you clear advice.
Because agreeing the highest possible number isn't much use if the transaction never reaches completion.
At Brown & Brooke, we're interested in more than getting an offer accepted.
We're here to help you successfully make your move.
Need to talk through an offer on your property?
Speak to the Brown & Brooke team and we'll help you understand the offer, the buyer's position and what it could mean for your move.