Offers for your property
When a potential buyer makes an offer for your property, we’ll have a chat with them about the offer, asking them things like how much they’d like to offer, how they’ve arrived at that figure, what timescale they are working towards and how they intend to fund the purchase (we’ll want to talk to their financial advisor to confirm their mortgage situation). We’ll also ask them if there’s a chain involved and if so, we’ll speak with their estate agent to get all the relevant details, right down to the bottom of the chain to see how likely the chain is to be successful. Your buyer is only as good as the weakest link in the chain!
We ask a lot of questions, so that when we call you with the offer we can give you all the information you need to make a decision, especially if more than one person would like to buy your property!
There can be several rounds of negotiation before we finally agree a price and terms of the sale; this may be concluded swiftly or may take a number of days or even weeks! Your potential purchaser might need to review their finances before improving their offer, and equally you may need some time to consider an offer that's lower than you had anticipated. Either way, you need to be aware that the longer the delay at this stage, the greater the danger of an offer being withdrawn.
Having chosen Millerson to market your property, you have automatically reduced the chance of your agreed price being re-negotiated.
If you went ahead with the Home Condition Report, you are highly unlikely to have a new issue come up as the result of another survey. If your buyer did wish to re-negotiate the sale price, however, we would ask to see a copy of the survey, and typically arrange quotes for the work required.
In extremely rare cases, the property is down-valued by the surveyor and your buyer may ask for this to be taken into consideration. If this is the case, we’ll speak to the valuer and try and get them to change their minds, but this can be difficult, especially in a tough market. It's very unlikely for this to happen because we supply the valuer with good comparables that justify the sale price.
Your decision to accept a revised offer will often depend on your circumstances and those of your buyer as to how much of a view you are both prepared to take. If you’re committed to another property, you may be more willing to re-negotiate in order to keep the chain together. If the buyer doesn’t need a mortgage (or only a small one), they’re often in a better position to take a view on a down-valuation or works required than if they are borrowing a high percentage mortgage.
We’ll do everything possible to save your sale, and in a falling market it may be better for you to re-negotiate with the existing buyer than have to re-market and achieve a lower price with a new buyer (assuming one can be found!). You may be able to negotiate further on the one you plan to buy, which will soften the blow of taking a reduction on yours.
We’ll write to all parties to confirm any revised price.