When it comes to selling your home, the natural instinct is to accept the highest offer. After all, who wouldn’t want to maximise their return? However, choosing a buyer solely based on price isn’t always the wisest move. There are several other key factors to consider—this is where the guidance of a skilled estate agent becomes invaluable.
Below, we explore what to look for in a buyer and how a good estate agent can help you make the right decision.
Why the Highest Offer Isn’t Always the Best
While achieving the best possible price is important, it shouldn’t come at the cost of a smooth, reliable sale. Here are a few questions to ask when evaluating a buyer:
- Is their financing in place? Have they provided a Mortgage in Principle (MIP)?
- Are they prepared? Have they appointed a solicitor?
- Are they part of a chain, or are they chain-free (such as first-time buyers who has nothing to sell)?
- How quickly can they move forward? If they’re selling, is their current home already under offer?
These considerations can significantly impact how quickly and smoothly the sale progresses.
Assessing Offers: More Than Just Numbers
When reviewing offers, price is important—but only when coupled with reliability. An ideal buyer is not only financially qualified but also motivated and well-positioned to proceed without delays or complications.
Chain-Free Buyers – Buyers who don’t have anything to sell
If a buyer isn’t relying on selling another property, they’re generally in a better position to move quickly. First-time buyers or those purchasing a second home are typically chain-free, which reduces the risk of delays or the deal falling through due to complications further down the chain.
Cash Buyers – “Cash is Gold”
Cash buyers are often seen as the golden ticket. They don’t need a mortgage, which means no waiting on applications or approvals. While they may offer slightly below the asking price, their ability to proceed quickly and with fewer complications can make them the more attractive option—especially if timing is critical for you.
Buyers who Need Mortgage – Do they have mortgage in Principle?
Buyers intending to finance the purchase with a mortgage should provide a Mortgage in Principle. This document demonstrates that a lender is willing to loan them a specific amount, giving you peace of mind that they’re financially capable of proceeding.
Your estate agent should confirm a buyer’s financial position before you even receive their offer, but it doesn’t hurt to ask questions during viewings to better understand their circumstances.
The Role of Your Estate Agent
A good estate agent is essential in this process. Their job is to thoroughly vet buyers, gathering information on whether they’re chain-free, cash buyers, or backed by a mortgage in principle checking their proof of funds.
Your agent will advise you on each buyer’s readiness, financial stability, and motivation to proceed. This insight allows you to make a well-informed decision—and if you have concerns or questions, they’ll mediate on your behalf and help you negotiate the best outcome.
Once you’ve accepted an offer, your estate agent will coordinate the next steps, working with solicitors and other parties to keep the process running smoothly.
Making the Final Decision
Choosing the right buyer is about striking the right balance. While price matters, other factors like timing, reliability, and the buyer’s financial position are just as critical.
With the support of a professional estate agent, you can confidently select the buyer who offers the best overall package—not just the biggest number. That’s what you’re paying them for, after all.
I hope this post is useful to you. Please do let me know if you have anything to add, and I will gladly consider it and add to the article if it helps my readers and don’t forget, if you need further advice/assistance or would like to reach out you can find my contact details below.
Josephine – Your Trusted London Property Partner
Tel : +44 (0) 7491 430055
email: [email protected]
Josephine Dayan is a member of Laurel Leaf Networking.