Selling your home can be a challenging and emotional time. You will likely have a lot of thoughts as to how the process should run. In an ideal world, you will receive a lot of offers, although many vendors are happy with just one bid that is acceptable to them.
If you receive several offers for your home, you have a choice to make. While it is tempting to select the very highest offer, this may not be the best overall offer. There are many things to consider during the sales process, and a particular offer may be more beneficial to you than one which will provide you with the most money.
The most significant offer will be an enticing offer
Of course, there will be times when the most substantial offer is the best offer. The more money you receive when selling your home, the more options you have with your next property move. Therefore, if you receive a few offers and one is larger than the rest, this is likely to be the option you favour.
However, the nature of the offer should influence your decision, especially if you want to move home by a set date. If you receive a cash offer and a mortgage offer, the cash offer is likely to conclude in much less time.
There is also the fact a mortgage offer carries some risks. The prospective buyer may only have a mortgage agreed in principle. This mortgage may not be guaranteed, which means the offer may not come through, and the sale collapses. There may also be delays in the prospective buyer obtaining the mortgage, and this may cause problems for you depending on your next move.
“We know vendors want to sell their home for the best possible price, but it is important to consider all relevant factors,” said Thomas Morris Huntingdon Branch Manager Alastair Smith. “Our expertise in the market helps you consider different factors you may not have initially considered, and we’ll do our best to help you make an informed decision over your property sale.”
Property chains are often problematic for vendors
Vendors should also be aware of the impact property chains can have on your sale. If you are selling to a first-time buyer, they aren’t part of a chain, and will likely be a more appealing buyer. However, if you sell to someone who is also selling their home, you run the risk of becoming engaged in a lengthy property chain.
The longer the chain, the higher the chances of delays, or even collapse. Problems in property chains are highly frustrating because there may not be anything wrong with your deal, yet your property transaction suffers due to issues relating to other people.
Selling your home is stressful, but with the right support, you can make the process easier. Book a valuation at a time that is of suitable to you or; you can phone our Huntingdon branch, managed by Alastair Smith by calling us on 01480 414555.