Offers, Acceptance and Completion
Effective negotiation is about finding out the situation of the potential buyer and analysing how well it fits in with your own aims.
Don't forget that just as your aim is to sell the property for the maximum possible price, the buyer's aim will be to buy it for the lowest. Have a figure in mind of how low you are willing to drop the price of the house. Of course, do not disclose this figure to any potential buyers.
To aid your negotiations, it may be useful to find out the following about your potential buyer:
- If they are in a rush to move (e.g. to take up a new job).
- How long they have been searching for a property?
- If they are a cash buyer.
- Are they part of a chain?
- Has their mortgage been finalised?
Important: remember to bear in mind that verbal offers are legally binding in Scotland. This is not the case in England and Wales, where a contract is necessary.
After accepting an offer, the process of exchanging paperwork and legal documents begins. Prior to this you still have the option to pull out of the sale. However, if you decide to pull out after signing and exchanging contracts, you stand to enter into a lengthy and expensive dispute.
On moving day, as a gesture of good will, make sure you leave the house in a state that you would like to find it. Tidy up and don't hand over the keys until your solicitor tells you that the money has actually been received.
Congratulations, your home has been sold.