ConveyancingHow Do I Decide Which Property Offer To Accept

October 30, 2018
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Deciding to sell your property can be overwhelming. Getting the property ready, finding the right Agent and then waiting for that “one” buyer to buy your property.

Sometimes a property can sell overnight, other times it can take months.

Finding a buyer is exciting but what happens if you find yourself with multiple buyers. “I’ll sell it to the Buyer who has the highest offer” – seems like the best way to go. But is it?

You should consider the following if you have multiple offers: –

  1. Does the Buyer with the highest offer have to sell their property?
  2. What conditions does the Buyer want to form part of the Contract?
  3. When will the Contract become unconditional?
  4. What time frames work best for me?

 

If the Buyer who offers the highest money is also the one with the least binding Contract you may want to consider the Buyer that has offered a little less money. In this scenario, your contract will go unconditional in a shorter time frame which may be useful to you depending on your situation.

Another scenario is where the Buyer needs to enter into a Contract to sell their property. In this scenario, there is a possibility that the Buyer may never be in a position to buy your property as the property they are selling may have some issues that are unknown at that time. Alternatively the property is one that takes months to sell….

The sooner the Contract becomes “unconditional” the sooner you are in a position to make a confident decision about your future.

In deciding which contract to accept, you should consider carefully the conditions that the Buyer is requesting to form part of the contract. If the buyer has requested special conditions, then you must have a clear understanding of what the Buyer is requesting and consider whether there is any onus on you to satisfy the conditions.

You may also receive an offer from a Buyer that has no conditions, also known as “a cash sale”, but requires settlement in a very short time frame. This is particularly relevant if you need to find somewhere new to buy for yourself? Having to find a temporary place to live will have a financial implication due to having to move multiple times, temporary storage and the like.

Ensure that you are not pressured in to making a haste decision – consider the possibility that you may be lucky enough to receive multiple offers early and think about what works best for you. If necessary, we are happy to arrange an appointment with you and discuss the pros and cons of each offer so that you can make an informed decision.
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