The art of negotiation

Once an offer has been made on your house, it’s time for the negotiations. It’s important to remember that going with the highest bidder isn’t always the best option. If somebody has offered a slightly lower amount but has:

  • Already got a mortgage by having it agreed in principle by the bank. It means the bank has already agreed to loan them a specific range of money for their mortgage. An agreement in principle means these buyers are serious and have already been given the go ahead by the bank making them low risk buyers.
  • Got the cash! If a buyer already has the cash then it means you don’t have to wait for the bank to agree to lend them money. Cash buyers make selling your property simpler by taking the bank out of the equation.
  • No chain. First time buyers or buyers without a chain are great news. Sometimes property chains can be five or six houses long and if one falls through, it’s likely they all will. The shorter the chain, the more simple your sale will be.

The more dependable the buyer, the more likely the sale will be to go through so it may be smart to go with them over the highest bidder. You will probably always wonder if you could have got more money for your property, it’s just one of those things. The important things to bear in mind when negotiating are how quickly you need to sell and how much money you need to move into your next home.

If you want somebody to help you with the negotiations, or with any other part of the move, remember that you can always phone one of our Move Planners for free advice and support.