Accepting an Offer

When you put your house on the market, it's a good idea to work out what you need to make on your sale, so that you know whether any subsequent offers are worth accepting. This will depend partly on your circumstances: if you are buying another property you probably have a specific figure in mind you need to reach in order to make your new purchase, allowing for your legal costs of the sale and purchase. If you're downshifting to a smaller home or less expensive area, or moving into rented property, you may be able to be more flexible about what price you accept.

Tips

• Don't jump at the highest offer without thinking it through - more money doesn't necessarily mean a more committed buyer. Opt for a buyer that really wants your home and has the resources to pay for it.
• Don't stick to an unrealistically high figure of the sake of it, however - it will probably take longer to find a buyer and you may have to drop the price if the buyer's survey and valuation suggest that you're asking too much.
• If the property market in your area is strong, it might be worth making it clear that you won't negotiate: state on the property details that you won't drop the asking price even if a survey reveals minor defects.

If you use an estate agent they will advise whether or not to accept an offer, but you should specifically them the following questions:

• Does the buyer need have suitable finance arranged?
  A genuine buyer will be able to produce proof that the lender has provisionally offered them a mortgage. If they claim to have a large proportion purchase price available as cash, ask your agent to check out the details. Buyers desperate to have their offer accepted sometimes promised more than they can deliver.
• Does the buyer need to sell a property before they can commit?
  The more links there are in the chain, the more delays there are likely to be before completion.