Compare the Whole Offer, Not Just the Price
Receiving an offer is exciting, but the amount offered is only one part of the decision.
You should also consider:
• How the buyer will fund the purchase
• Whether they need a mortgage
• Whether they have a property to sell
• The position of their current sale
• The length of the chain
• Whether they have appointed a solicitor
• Their preferred moving date
• Any conditions attached to the offer
• How quickly they are able to proceed
A slightly lower offer from a well-prepared buyer may sometimes be more attractive than a higher offer from someone at the start of a long chain.
The final decision remains yours. The agent’s role is to give you enough information to make it.
Every Offer Should Be Passed to You
An estate agent should not decide that an offer is too low to mention.
GOV.UK states that agents must pass offers to sellers until contracts are exchanged, unless the seller has given written instructions not to receive a certain amount or type of offer.
Source: Selling a home: estate-agent duties and offers. GOV.UKThe Property Ombudsman Code also says member agents should confirm each offer in writing to the seller and the buyer within two working days.
When the agent calls with an offer, ask:
• Do they have a property to sell?
• Is it already on the market?
• Have they accepted an offer?
• Do they need a mortgage?
• Do they have an agreement in principle?
• Have they appointed a solicitor?
• When would they like to move?
• Is the offer subject to conditions?
You may not receive every answer immediately, but the agent should be finding out.
The Highest Offer Is Not Always the Strongest
Imagine you receive these offers:
| Buyer |
Offer |
Position |
| Buyer A |
£310,000 |
First-time buyer with a mortgage agreement in principle |
| Buyer B |
£315,000 |
Property under offer with a chain below |
| Buyer C |
£307,500 |
Cash buyer wanting a fast completion |
Buyer B has offered the most, but their chain may add uncertainty. Buyer C has offered less but may suit a seller who needs to move quickly. Buyer A may provide a useful balance between price and position.
There is no automatic correct choice. Ask what checks have been completed and what is still unknown.
Your Agent Should Negotiate, Not Just Pass Messages
Negotiation is more than calling you and asking what you want to do.
The agent should try to understand:
• Why the buyer offered that amount
• Whether it is their first or final offer
• What concerns came up during the viewing
• Whether they are considering another home
• Whether their budget can move
• Whether changing another part of the deal could help
You might decide to:
• Reject the offer
• Accept it
• Make a counteroffer
• Request more evidence of funds
• Ask the buyer to improve their position
• Continue with planned viewings
• Invite best and final offers
A professional agent should remain calm and factual and should never invent competing interest or another offer.
An Accepted Offer Is Not Yet a Completed Sale
In England and Wales, an offer is not legally binding until contracts are exchanged. Either party may still withdraw before that point.
Source: Offers, negotiations and when a sale becomes legally binding. GOV.UKAfter accepting an offer, the buyer may still need to progress:
• Their mortgage
• Survey
• Searches
• Legal enquiries
• Deposit
• Buildings insurance
• Contract paperwork
This is why the buyer’s willingness and ability to proceed matter as much as their circumstances on the day the offer is made.
Check Who Will Manage the Sale After an Offer Is Accepted
Accepting an offer is an important step, but the property is not legally sold yet.
The period between offer acceptance and exchange of contracts is often called sales progression.
It may involve:
• The seller
• The buyer
• Both estate agents
• Both legal representatives
• The mortgage lender
• A surveyor
• Other buyers and sellers in the chain
The agent cannot carry out the solicitor’s work or make decisions for a lender. They can keep in contact with the parties, identify delays and help information reach the right person.
Government guidance says buying a home takes about five months on average and can take longer where there is a chain. Individual transactions can, of course, be much faster or slower.
Source: Buying a home: process and typical timescale. GOV.UK What Should Happen After Acceptance?
The agent will normally obtain the buyer’s and seller’s solicitor or conveyancer details and issue a memorandum of sale.
This will normally record matters such as:
• The property address
• The agreed price
• Buyer and seller details
• The legal representatives
• The buyer’s known funding position
• Any agreed conditions
• The estate agents involved
It allows the legal work to begin but is not the final contract.
The seller’s solicitor or conveyancer will then prepare the initial contract and work with the buyer’s representative. GOV.UK states that the contract covers matters including the sale price, boundaries, fixtures and fittings, legal rights or restrictions, services and the completion date once agreed.
Source: Transferring ownership and conveyancing. GOV.UK Ask What the Agent Will Monitor
The Property Ombudsman Code says agents do not control conveyancing or mortgage lending, but they should monitor progress, assist where possible, pass on helpful information and routinely check the immediate transactions in a chain.
In practice, ask whether the agent checks:
• Have both parties instructed solicitors?
• Has the memorandum of sale been sent?
• Has the draft contract been issued?
• Has the mortgage application been submitted?
• Has the lender’s valuation been arranged?
• Has the buyer booked a survey?
• Have searches been ordered?
• Are legal questions outstanding?
• Is the buyer’s own sale progressing?
• Has anything changed in the chain?
• Has a possible moving date been discussed?
An update saying “everything is progressing” is not particularly useful.
A useful update should tell you:
• What has happened
• What remains outstanding
• Who needs to act
• When another update is expected
Watch for Signs of Delay
A quiet period does not always mean a sale is failing. Searches, legal checks and mortgage work can take time.
The agent should investigate when:
• The buyer has not appointed a solicitor
• The mortgage application has not been submitted
• The buyer keeps delaying their survey
• Requested documents are not provided
• One party stops responding
• The buyer’s existing sale falls through
• The lender’s valuation is lower than the agreed price
• No one can explain what the transaction is waiting for
The agent should not create panic. They should identify what has happened, explain it clearly and discuss the available options.
Exchange and Completion
When the buyer and seller are satisfied with the contract, their legal representatives can exchange contracts. The sale then becomes legally binding. Usually, neither party can withdraw without financial consequences.
On completion, the buyer’s solicitor transfers the purchase money. The seller’s solicitor deals with payments such as the existing mortgage, secured debts, relevant fees and service charges before sending the remaining balance to the seller.
Keys should only be released once completion has been confirmed.