Over the past few months, our clients have been receiving multiple offers on their property. It may surprise some people to learn not everyone has accepted the highest offer.

There are a few things to think about when someone makes an offer on your property, and these can affect the decision-making process. For instance, if you are wanting a quick sale because you have an offer on another property, it might be prudent to take the slightly lower cash offer, over the higher offer, which comes with lots of conditions, and a longer than normal completion time.

We always say, consider each offer on its own merit; make notes and weigh up the pros and cons for your particular situation, and then compare offers.

To help you with the thought process, here are some points to consider:

The offer format

An offer can be made in ways: verbal, written and contractual. As a real estate agent, we must by law, disclose all offers to the sellers.

It’s worth noting verbal and written offers are non-binding, and there are cooling off periods when an offer has been accepted.

Devil is in the detail

Offers can come with many stipulations; some of them may be financial which will need to be considered against the offer price.

Here are a few considerations:

• How the property will be financed?

If an offer does come in from someone who needs to raise the finance, make sure they have pre-approval and can actually get those funds. A buyers with pre-qualification has just an estimate of buyers’ finances.

Even so, nothing is set in stone until the financier says so; it will not allow buyers to borrow more than the assessed value of your home.

Cash buyers are often able to move quicker than a buyer needing finance.

• Check the conditions

If certain terms of the sale aren’t met, the buyer is legally allowed to back out of the sale. Common conditions of sale (or contingencies) include: subject to finance, a home sale, appraisal, completion date, and pest inspections.

• Other stipulations

In some cases, the buyer may waiver buyer inspections or contingencies, but may include other proposals such as the seller to pay the buyer’s closing costs.

Don’t get complacent

Once you’ve negotiated a price, and made a decision to accept an offer, don’t be tempted to wait a bit longer to see if a better offer comes along; buyers don’t often hang around for prolonged periods of time, and will withdraw their offer if they are kept waiting.

Once you do accept an offer, don’t look back and think maybe I should’ve waited. You’ve sold your property and you can move forward with your plans for the next stage of your life!

If you’re thinking of selling, or would just like to know what your house could get in today’s market, contact us for a free, independent and non-obligatory quote. Our experienced team will also give you tips and ideas so you can get the best from your property.

We’d love to see you in our Cardiff office or you can give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.

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