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The Offer
Introduction
Market forces will largely determine the price at which your property is advertised for sale, but bear in mind that you should be prepared to negotiate on the price. It is well worth looking at similar properties in the area to find out how much they are selling for and also to determine the length of time that they are usually on the market. This will give you an idea of a reasonable price to set on a property. Setting the price slightly higher will give you room to negotiate and the buyer satisfaction for not paying the asking price.

Bottom line
You must determine the likely costs that you will incur in the sale and determine the minimum price that you can afford to accept for the property. This will help in negotiations on sale price, as you will be certain in your own mind of your bottom line.

Conditions
When the property is viewed, buyers usually assess any work that they feel is necessary and what this will cost. They may ask to drop your price accordingly, or perhaps ask for the work to be done by you as a condition of sale. Don't take this the wrong way, this is all part of the negotiation.

Low offers
As the seller, you may feel that an initial offer is too low. Are you sure you haven't pitched your price too high? If you are sure and you are not desperate for a quick sale, the initial offer should be rejected. If the buyer is serious, they will then enter into negotiations with you.

Negotiation
Some people feel very awkward trying to negotiate a price, while to others it seems to come naturally. It is important to remember that most sellers in this country rarely expect to get their asking price. Indeed most properties are priced artificially high for this very reason. This means that you should expect some sort of haggling over the price. Here are some points to help you negotiate your ideal price.

Homework - If you've done your homework and worked out the lowest price you can afford to sell for then you will feel more confident when the negotiations begin. If you are short of time you may wish to accept the first offer that is made. However, if you inflate the price slightly to begin with it will give you scope for negotiation.

In Person - If possible, negotiate face to face with the potential buyer. It is actually easier and allows both parties to read the others expressions and body language.

Confidence - Even if you are feeling nervous, try to appear confident otherwise it will seem as if you don't know what you're doing and gives the other party an advantage. Remember, they are probably feeling nervous too.

Stay calm - Don't let your emotions cloud your judgement. Stay calm and always remain polite despite what you may feel to be a ridiculous offer. A potential buyer may just be testing the water and may even come back weeks later with a better offer. If there is not much of a difference between the offer and asking price then an agreement is probable, just stay calm and patient.

Accepting an offer
You have accepted an offer - well done, you are now very close to selling your property. As soon as an offer is accepted a memorandum of sale should be sent to both the buyer and seller.

This should include the following details:

  • the agreed sale price
  • any conditions of sale
  • the buyers name and address
  • the sellers name and address
  • solicitor details for both buyer and seller
  • proposed exchange and completion dates

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