Receiving and Accepting Offers
Receiving and accepting offers is when the fun really begins.
We understand some of you may find this process daunting or scary. But trust us when we say it doesn’t have to be! This stage of the game is the most exciting part of selling property – it’s a game of strategy to the finish line.
Of course, there’s always the option of enlisting a professional’s help if this really isn’t your strong suit. If you sell privately with us at buyMyplace, you’ll have access to Professional Negotiators who can provide advice and guidance to ensure you’re on the right track. However, you only grow outside of your comfort zone!
Receiving offers and negotiating your property’s sale price is a simple process. When you think about it, it’s just a matter of having conversations with buyers and reaching an agreement. And yes, you’re right – it is easier said than done because, like everything in life, things don’t always go as planned. We’re not saying this process is a walk in the park, but if you show up prepared you’ll be kicking goals all day long.
Before You Dive In
Before you engage with potential buyers, assess your financial situation and determine the absolute minimum price you are willing to accept. This will help keep you aligned with your budget, and give you a benchmark for knowing when to walk away.
On average, properties receive the maximum number of enquiries within their first 30 days of listing on the market. It’s said you should make the most of your first few offers because they will generally be your best offers.
Pro tip: Always get everything in writing.
If you decide to sell with us at buyMyplace, you can download our ‘Letter of Intention to Purchase‘ and forward it to your buyer to formalise their offer. While the Letter of Intention is not legally binding, it does put pen to paper.
Counteracting Low-ball Offers
Receiving a low offer can be disappointing. However, this is your opportunity to negotiate to a higher figure. You’ll hold the most negotiating power, but always keep your absolute minimum price in mind.
If the buyer can’t reach your absolute minimum price, it’s always worth asking if they would like to be contacted if your price drops in the future – it’s better to be safe than sorry! Remember, as long as you’ve set a fair price for your property, you’ll likely find ‘the one’ (your perfect buyer) right around the corner.
What to Do With a Duo
It’s quite possible that you’ll receive multiple offers at once, lucky you!
The best and most ethical way to manage two offers that are both within your acceptable price range is to be transparent with both parties. Allow both parties the opportunity to put their best offer forward but be sure to specify a ‘due date’ to encourage a sense of urgency. From there, take the time to assess both offers before accepting the one you prefer most.
Think Before Committing
If you find a buyer and the price is right, be sure to consider more than what’s behind the dollar sign.
For example, if you find yourself juggling two offers at once, what will you do if the higher bidder’s offer is subject to finance? Will you risk it? Or, will you accept the lower, more secure offer?
Quiz yourself with questions such as:
- What if an offer is subject to your buyer selling their own property?
- How long would you like the settlement period to be? 30, 60, 90 days?
- Is a cooling-off period mandatory according to your state’s regulations?
We’ve Accepted! Now What?
Once you have accepted an offer and agreed to all terms and conditions, inform your conveyancer so they can amend the contract of sale accordingly. Once amended, pass it onto the buyer so they can sign on the dotted line. From there, your conveyancer will help you handle the legal aspect of selling your house privately.
Pro tip: As a private seller, don’t sign the contract before the buyer does!
Heard of the saying “when life gives you lemons, make lemonade”? It doesn’t happen often, but if the sale of your property is subject to special conditions it’s possible that your offer could fall through. Don’t lose heart, get back in the game and another buyer will come along before you know it.
If you sell your home privately with buyMyplace, the first thing you should do is let us know your sale has fallen through. We’ll relist your property at no extra cost so you’ll be back on the market in a jiffy.
Now that time has passed since you first listed your property on the market, consider making a few changes to generate interest and attract new buyers. We’ve got a few marketing tactics up our sleeves to help you get started. Hit the refresh button and consider updating your listing’s main hero image, or consider purchasing professional photography services to really impress new buyers.
No matter what happens in the final stage of selling your property privately, the best thing you can do for yourself is to stay calm, cool and collected. Being prepared, setting realistic expectations and keeping a level head will guarantee your success.