How Offers Work
All offers on your property should come through your estate agent in writing. A verbal offer isn't binding and shouldn't be acted upon until confirmed in writing.
Your agent will present each offer to you, including: the offer amount, the buyer's situation, their financing, and proposed timescale.
Evaluating Offers
Don't Just Look at Price:
The highest offer isn't always the best. Consider:
Buyer Position:
- First-time buyer (no chain — faster, more certain)
- Cash buyer (no mortgage delays or risks)
- Chain-free (selling to rent or bought already)
- In a chain (dependent on their sale completing)
- Investor (experienced, often flexible)
Financial Readiness:
- Mortgage Agreement in Principle (AIP) — have they spoken to a lender?
- Cash proof (bank statements for cash buyers)
- Deposit available
Timescales:
- When can they exchange?
- When do they want to complete?
- Does this align with your plans?
Motivation:
- Why do they want your property specifically?
- How keen are they?
First-Time Buyer
No chain — faster, more certain completion
Cash Buyer
No mortgage delays or valuation risks
Chain-Free
Already sold or selling to rent
In a Chain
Dependent on their own sale completing
Investor
Experienced, often flexible on terms
Responding to Offers
Accept: If you're happy with the offer, accept it (subject to contract). The sale process begins, but remember nothing is legally binding until exchange.
Reject: If the offer is too low or the buyer's position is unacceptable, you can reject outright. Your agent should communicate this professionally.
Counter-Offer: You can propose a different price or terms. Common examples: "We'd accept £X" or "We'd accept if you can exchange within 6 weeks."
Accept
You're happy with the offer and the buyer's position. Sale proceeds subject to contract.
Reject
The offer is too low or the buyer's position is unacceptable. Your agent communicates this professionally.
Counter-Offer
Propose different terms — a higher price, faster exchange, or specific conditions.
Negotiation Strategies
Know Your Bottom Line: Before negotiations begin, know the minimum you'll accept. This prevents emotional decisions.
Understand the Market: In a buyer's market (lots of stock, few buyers), you'll have less negotiating power. In a seller's market, you can be firmer.
Don't Dismiss Low Offers: A low opening offer might be a negotiating tactic. Counter-offer and see where negotiations go.
Consider the Whole Package: A slightly lower offer from a chain-free buyer with cash might be worth more than a higher offer from someone in a complex chain.
Don't Get Emotional: It's business. Focus on outcomes, not offense.
Pro Tip: Know Your Market
Multiple Offers
If several buyers are interested:
Best and Final: Ask all interested parties to submit their best and final offer by a deadline. Evaluate holistically.
Sealed Bids: Less common, but buyers submit confidential offers. You choose based on price and position.
Transparency: Good practice is telling buyers there's competition without disclosing details. This encourages strong offers.
Receive Multiple Offers
Your agent notifies all interested parties that there is competition.
Set a Deadline
Ask buyers to submit their best and final offers by a specific date and time.
Evaluate Holistically
Compare not just price, but buyer position, chain length, and timescales.
Select the Strongest Buyer
Choose the best combination of price, certainty, and timeline.
Issue Memorandum of Sale
Your agent formally confirms the agreed sale to all solicitors.
After Accepting an Offer
Memorandum of Sale: Your agent issues this to all parties' solicitors, confirming the agreed price and details.
Stay Engaged: The sale isn't done. Stay responsive to enquiries, maintain the property, and communicate with your agent.
Beware of Gazundering: Buyers occasionally try to lower their offer just before exchange. Know your limits, but also consider whether refusing will cost you more.
