Don’t be pressurised into accepting an offer.
A buyer will often attempt to get a lower price by say 5 or 10%. They may do this because of a survey they have dertaken and any works which are recommended. You may be aware of some of these. Some may be speculative.
The estate agent may encourage you to accept an offer. Remember the agent doesn’t earn much less if the fee is a percentage. Ensure you think through any advice you are being given very carefully indeed.
A fixed fee estate agent may be less susceptible to this pressure as the fee is not value dependent.
In considering the offer you should accept, think about the state of the market in your area.
- how quickly are estate agents selling houses?
- will a quicker sale put you in a better position to buy?
- how likely is it that you will be able to negotiate a similar discount on your purchase?
- can I afford to wait?
- what counter offer should I make?
Your estate agent may falsely inflated your expectations. In considering an offer you need to be realistic. Consider the offer in the context of the position you are in and the knowledge you have acquired..
If you accept an offer your estate agent will take the property off the market. At this stage, there is no legally binding agreement. Estate agents term this stage “STC”, Sold subject To Contract. You could still sell your property to anyone you like.
The legal process will now gear up. You will have to complete various questionnaires. This includes a form which sets out which fixtures and fittings you intend to leave and which you intend to take. This will from part of the contract so think carefully about it.
Knowledge is key. Find out as much as you can about similar house sales in your area through Zoopla or Rightmove and as much as you can about your buyer