Whether you get one offer from one interested party or have a flurry of interest and receive multiple offers from a range of buyers in different positions. Estate agents are legally required to inform you of all offers made, regardless of whether they are below the asking price or if you have already accepted another offer. Don’t feel rushed into accepting an offer and weigh up your options with each offer that you receive. Your agent should be able to help you to make an informed decision by presenting you with all of the facts in regards to your prospective buyer’s buying position as well as the current market conditions.
You should take some time to consider the following:
Would you be happy to accept? Do similar homes in the area seem to be selling for a similar amount? Can you afford to do what you want to do in regards to an onward purchase with this offer?
Securing a mortgage can take more time; have they already got a decision in principle from a lender so they know they can get the required loan? Is cash readily available or does it rely on a release from another party?
A chain is a number of linked property transactions, where a seller of one property is a buyer of another. A chain starts with a buyer who isn’t a seller (for example a first-time buyer) and ends with a seller who isn’t a buyer (for example where a property is sold because the owner has died). If one transaction becomes delayed or fails it can have a knock-on effect on the other transactions in the chain. First time buyers or people living in rented accommodation don’t have a chain, which means there are fewer opportunities for delays.
The chain length, which means the number of buyers and sellers involved in the chain. The longer the chain the more potential for delays.
Whether the chain is open or closed. A chain is closed when each buyer has also found a purchaser for their home. On the other hand, an open chain happens when one or more buyers haven’t been able to sell their homes and can add significant delays to the process.
