Keep these tips in mind when accepting an offer on your property
You have put the hard work in, attracted a suitable buyer, and now you have the all-important first offer. How exciting that your hard work has paid off! But now what?
Receiving an offer on your property can feel both exciting and overwhelming, but rest assured you are more than qualified to take the next step of negotiating the price of your home.
Receiving offers and negotiating your property’s sale price does not have to be an unpleasant experience; in fact, many of our customers report enjoying dealing with and accepting an offer.
Start by Knowing your Boundaries
Before you engage with potential buyers, assess your financial situation and determine the absolute minimum price you are willing and able to accept. This will help keep you aligned with your budget and give you a benchmark for knowing when to walk away from an offer.
During this process, you should also define any other key terms you need as part of your sale process. For example, do you require a short or long settlement period? This is something that sellers generally trade-off against the sale price in order to secure find the right deal for them and accept an offer.
Make the Most of the First 30 Days
On average, properties receive the maximum number of enquiries within their first 30 days of listing on the market. That is why many property professionals recommend you make the most of your first few offers because they will generally be your best offers.
Pro tip: Always get everything in writing.
If you decide to sell with us at buymyplace, you can download our property offer letter called ‘Letter of Intention to Purchase‘ and forward it to your buyer to formalise their offer. While the Letter of Intention is not legally binding, it does put pen to paper and help confirm that the buyer’s offer is genuine.
Counteracting Low-ball Offers
Receiving a low offer can be disappointing. However, this is your opportunity to negotiate to a higher figure. You hold the most negotiating power, but always keep your absolute minimum price in mind. Just because you receive an offer, doesn’t mean you have to accept the offer.
If the buyer can’t reach your minimum price, it’s always worth asking if they would like to be contacted if your price drops in the future.
Remember, as long as you’ve set a fair price for your property, you’ll likely find the right buyer is around the corner.
How to Handle Multiple Offers
It’s quite possible that you’ll receive multiple offers at once. The best and most ethical way to manage two offers — that are both within your desired price range — is to be transparent with both parties. Allow both parties the opportunity to put their best offer forward but be sure to specify a due date to encourage a sense of urgency.
Then take the time to assess both offers before accepting the one you prefer. It may not be the highest offer either, as you may opt for trading off a lower property value for a longer settlement time. You should always assess what
In order to decide, ask yourself:
- What if an offer is subject to your buyer selling their own property?
- How long would you like the settlement period to be: 30, 60, 90, 120 days?
- Is a cooling-off period mandatory according to your state’s regulations?
Should I accept my offer?
As you are in total control of your private property sale process, it is up to you whether you accept an offer. Ensuring you’ve defined exactly what terms you can and can’t accept in an offer will certainly assist you in making your decision. This is why it’s important to define your boundaries before you start accepting offers.
You have accepted: now what?
Once you have accepted an offer and agreed to all terms and conditions, inform your conveyancer so they can amend the contract of sale accordingly. Once amended, pass it onto the buyer so they can sign on the dotted line. From there, your conveyancer will help you handle the legal aspect of selling your house privately.
Pro tip: As a private seller, don’t sign the contract before the buyer does!
What if I need some help in accepting an offer?
If you sell privately with us at buymyplace, you’ll have access to our experienced, professional negotiators who can provide advice and guidance during this stage of the process.
The long game
It doesn’t happen often, but if the sale of your property is subject to special conditions it’s possible that your offer could fall through. Don’t lose heart, however, as another buyer will surely come along.
If you sell your home privately with buymyplace, the first thing you should do is let us know your sale has fallen through. We’ll relist your property at no extra cost so you’ll be back on the market quickly.
Now that time has passed since you first listed your property on the market, consider making a few changes to generate renewed interest. We’ve got a number of marketing tools to help you get started, such as updating your listing’s main hero image, or purchasing professional photography services to impress new buyers.
No matter what happens in the final stage of selling your property privately, it’s wise to stay calm, cool and collected.
Being prepared, setting realistic expectations and asking yourself the right questions will help lead to a successful sale.