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Accompanied Viewings and Offers

Accompanied viewings will enable us to use our experience and knowledge to help you sell your property.

We will manage the viewings for you, so if an interested buyer contacts you directly it is recommended that they are redirected to us to arrange a formal viewing.

Our Sales agent will remain with the viewing party throughout, but it is still advisable to secure any valuable belongings, when viewings are being conducted. 

The offer 

Once an offer has been made, we will undertake checks on the buyer and then inform you both verbally and in writing of the details. Whether or not you accept an offer will be your decision, but we will be able to give you impartial advice and guidance on whether there is an opportunity to negotiate.

This is an important time in the property selling process, and any negotiating may require several calls between you and the agency, and likewise between you, the prospective buyer and the Homesforth sales Team. Do your best to make yourself available for calls, as any delays at this point could have an impact on the potential sale.

If you have several offers you should consider the position of the buyer as well as the offer itself. We will also ask the buyer questions to evaluate suitability and help make an informed judgment on how ready they are to go forward with their offer.

Generally, the estate agent will be looking to ascertain which of the following positions describe the potential buyer:

  • Cash or unencumbered buyer: The term “cash buyer” describes someone with enough funds in the bank to buy outright without the need for mortgage funding, but it is also used to describe someone with a property to sell who, on completion, will have enough money from the proceeds to buy another property 
  • First time buyer: a first-time buyer is considered to be a person purchasing their only or main residence and have never owned a freehold or have a leasehold interest in a residential property in the UK.
  • Property on market under offer: These buyers are at an advanced stage in selling their existing property so should be ready to move relatively soon.
  • Property to sell on market: These buyers are also in the process of selling a property, so the sale of their property might affect the onward chain.
  • Mortgage agreed in principle: Mortgage In Principle (MIP) – is a written estimate or statement made by a lender to say how much money it would lend you if you were to buy a property.
  • Property solicitor appointed: Buyers who have already appointed a property solicitor will usually be able to proceed quicker with the transaction
  • Property to sell not on market: These buyers might be browsing or are yet to begin the property selling process. If they are dependent on selling their existing home, it could be some time before these buyers are able to move.

Sealed bids

A sealed-bid auction is a type of auction process in which all bidders simultaneously submit sealed bids to the auctioneer so that no bidder knows how much the other auction participants have bid. The highest bidder is usually declared the winner of the bidding process Sealed bids might be used in areas where market demand is high and properties are attracting interest from a large amount of prospective buyers.

After the viewings, your estate agent will contact any interested parties and ask them to submit their best and final offer by a given deadline. It is usual practice to also ask the buyer to state their readiness to proceed (i.e. do they have the mortgage agreed in principle?
Are they a cash buyer? Is their current home not yet on the market?. In some cases the prospective buyers may include personal information in a bid to make their offer more appealing.

Once all bids have been submitted, it will be up to the seller to choose the most appealing offer.

If two or more bids are equally appealing, you may ask for further bids or you can determine the winner based on who is first to arrange a survey or contract. Contract races can be costly to the bidder who misses out, so taking this approach may discourage the bidders from proceeding further.

When an offer has been chosen and accepted, as with any property transaction, it only becomes legally binding at the point of the contracts being exchanged.

What is gazumping? Gazumping is when a seller accepts your offer on a property but then backs out after accepting a higher offer from a different buyer. It is most common in areas where demand for property outstrips supply and multiple buyers compete for the same home, even after an offer has been accepted. When you are gazumped, you not only lose the house or flat but also any money spent on searches, surveys, solicitors' fees and mortgage applications.

Read More Here

Offer Agreed

Once the offer is accepted, we will do the following:
  • Prepare a memorandum of sale
  • Write to all parties to confirm the agreed price
  • Ask you to confirm your solicitor's details
Your solicitor will send out a draft contract to the buyer's solicitor who will then carry out preliminary enquiries. At this stage you will also be able to agree on dates for the survey on your property, exchange of contracts and set a proposed date for completion.
We will advise you and negotiate on your behalf throughout this process, keeping you informed every step of the way. It is important to remember that until contracts are exchanged, the agreement is not yet legally binding and either party can still pull out from the transaction up to this point.