Which offer to accept?

20122013

My property has been on the market for under a month and the asking price is at  the lower end of  of similar properties. My agent is not a fixed fee and  their fee is due even if the sell does not complete. 

I had 3 offers which are all under the asking price of varying amounts. 2 are FTB  and 1 is selling and currently under offer.  

I have read some post about 'offers', and I had asked my agent the same and the reply was that we can counter offer.

Even though the offers are of different values, is there a way to tell who can actually complete the sell first?  Is there a way to minimise my loss if the buyer pull out before completion? I have read something about taking a higher amount of deposit??

Hoenir

20122013 said:

Even though the offers are of different values, is there a way to tell who can actually complete the sell first?  

None. People make great actors. 

Albermarle

20122013 said:

My property has been on the market for under a month and the asking price is at  the lower end of  of similar properties. My agent is not a fixed fee and  their fee is due even if the sell does not complete. 

I had 3 offers which are all under the asking price of varying amounts. 2 are FTB  and 1 is selling and currently under offer.  

I have read some post about 'offers', and I had asked my agent the same and the reply was that we can counter offer.

Even though the offers are of different values, is there a way to tell who can actually complete the sell first? No, as that would mean being able to look into the future. Is there a way to minimise my loss if the buyer pull out before completion? It is very unlikeIy for a buyer to pull out before completion, although it is quite common for them to pull out before exchanging contracts.  have read something about taking a higher amount of deposit??

The buyer pays a deposit when contracts are exchanged. Until that point you or the buyer can pull out at any time, or renegotiate price etc 
It is rare for a sale not to complete after exchange of contracts.

theartfullodger

You can pull out later, but likely to cost you 

The "best" (for seller)  offer varies by person selling.  Some may care most about price. Others timescales, others certainty of actually finally completing.  What's your priority, please?

Surprisingly purchasers timescales, price, personal circumstances (eg break up, new partners, family death ..) keep changing and you can't control that....

Good luck!

ReadySteadyPop

20122013 said:

My property has been on the market for under a month and the asking price is at  the lower end of  of similar properties. My agent is not a fixed fee and  their fee is due even if the sell does not complete. 

I had 3 offers which are all under the asking price of varying amounts. 2 are FTB  and 1 is selling and currently under offer.  

I have read some post about 'offers', and I had asked my agent the same and the reply was that we can counter offer.

Even though the offers are of different values, is there a way to tell who can actually complete the sell first?  Is there a way to minimise my loss if the buyer pull out before completion? I have read something about taking a higher amount of deposit??

Have the FTB had lender`s valuations and final mortgage offers?

20122013

theartfullodger said:

You can pull out later, but likely to cost you 

The "best" (for seller)  offer varies by person selling.  Some may care most about price. Others timescales, others certainty of actually finally completing.  What's your priority, please?

Surprisingly purchasers timescales, price, personal circumstances (eg break up, new partners, family death ..) keep changing and you can't control that....

Good luck!

I have not plans of pulling out. As there is always a risk factor, someone had mentioned about asking the buyer for a higher deposit so at least it will cover the agent fee.

My priority is with who will be able to complete first and not necessarily the highest offer. Hence, I was asking about how to tell whether the 'chain' is near completion as their property is 'under offer'? 

I am realistic of not going for the highest offer, as even with second viewing a few had cancelled. 

20122013

ReadySteadyPop said:

20122013 said:

My property has been on the market for under a month and the asking price is at  the lower end of  of similar properties. My agent is not a fixed fee and  their fee is due even if the sell does not complete. 

I had 3 offers which are all under the asking price of varying amounts. 2 are FTB  and 1 is selling and currently under offer.  

I have read some post about 'offers', and I had asked my agent the same and the reply was that we can counter offer.

Even though the offers are of different values, is there a way to tell who can actually complete the sell first?  Is there a way to minimise my loss if the buyer pull out before completion? I have read something about taking a higher amount of deposit??

Have the FTB had lender`s valuations and final mortgage offers?

Great points, I will ask when /if they come back with another offer, when does the lender's valuation usually happen ? 

HouseMartin567

ReadySteadyPop said:

20122013 said:

My property has been on the market for under a month and the asking price is at  the lower end of  of similar properties. My agent is not a fixed fee and  their fee is due even if the sell does not complete. 

I had 3 offers which are all under the asking price of varying amounts. 2 are FTB  and 1 is selling and currently under offer.  

I have read some post about 'offers', and I had asked my agent the same and the reply was that we can counter offer.

Even though the offers are of different values, is there a way to tell who can actually complete the sell first?  Is there a way to minimise my loss if the buyer pull out before completion? I have read something about taking a higher amount of deposit??

Have the FTB had lender`s valuations and final mortgage offers?

You can’t have a final mortgage offer until you have an accepted offer on a property - up until that point it would only be a Decision in Principle.

OP - it’s not certain, but my experience is the more people in a chain the more chance there is of things going wrong; this is one of the attractions of FTBs. Saying that, there are also many threads on here about FTBs being jumpy and pulling out or reducing offers after a survey. I genuinely think half the time it’s just luck!!

20122013

HouseMartin567 said:

You can’t have a final mortgage offer until you have an accepted offer on a property - up until that point it would only be a Decision in Principle.

OP - it’s not certain, but my experience is the more people in a chain the more chance there is of things going wrong; this is one of the attractions of FTBs. Saying that, there are also many threads on here about FTBs being jumpy and pulling out or reducing offers after a survey. I genuinely think half the time it’s just luck!!

That's useful to know and I agree with earlier replies too many factors but at least I know more now than before my post.  I do not know much about the 3 buyers and I think is still  worth trying to find out more about their situation.

anselld

You have been stitched up by that agent contract.  Plenty of people have multiple sales fall through before exchange, no fault of their own.  How often is this agent going to claim their fee if sales fail to complete?  Why did you agree to such a  crazy contract?

20122013

anselld said:

You have been stitched up by that agent contract.  Plenty of people have multiple sales fall through before exchange, no fault of their own.  How often is this agent going to claim their fee if sales fail to complete?  Why did you agree to such a  crazy contract?

May I ask why you say I have been stitched up? (I am a first time seller)