Seller’s Property Question by Heather Hilder on March 27, 2019 “Offer Received” Seller’s Property Question Our Vendor Clients often ask us whether they should withdraw their property from the market once they have received an acceptable offer. How do you know when it is the right time to withdraw further marketing on property portals and window displays? This Seller’s Property Question is not unusual, and we explore the issues in our article. There are a number of angles on this subject to consider in the context of each specific set of circumstances. Firstly, from an ethical perspective, you could argue that once you have agreed to sell to someone, you have given them your word. As a result, if you leave the property on the market this could be regarded as a suggestion that you would renege if a “better” buyer came along. This can encourage gazumping (where a higher offer is accepted over the original one). Some Vendors would not have a problem with this. However, in practical terms it is often the case that once the original Buyer falls away in favour of the new, higher, Buyer, the new Buyer feels the pressure is off. The new Buyer then regrets having offered more than the market price. The new Buyer subsequently reduces the offer (gazundering). This practice often serves to frustrate the Vendor and even risks the sale. The first offer is usually the best offer! Withdraw from the Market? However, there is no point in taking your property off the market if your Buyer is not in a strong buying position or has a linked transaction. This latter situation reduces the saleability of your home to the saleability of any linked properties, over which you have no control. So our advice is generally this. Only remove your property from the market, perhaps for a fixed period of time (say three weeks to keep the pressure on the Buyer to perform) until you have confirmation from the Buyer’s Solicitor that the Buyer has: no linked sale the mortgage agreed in principle sufficient deposit available As always, we’re here to help and happy to advise on any property-related issue. Please feel free to call us on 01273 735237 or email teamsales@callaways.co.uk.
