The offer comes in.
Whether it’s everything you hoped for and more or an insult to the value of your house, one question likely springs to the fore. One that is often forgotten until an offer is on the table.
How long do I have to respond to an offer on my house?
While there isn’t a specific rule about how long UK sellers have to respond to an offer, it’s best to get back to your buyers as quickly as possible.
These decisions shouldn’t be rushed. But, for buyers, putting an offer in on a property is an exciting time. The quicker you respond, the easier it is for them to maintain their excitement about buying your home. Plus, if you accept the offer quickly, it can make buyers more motivated to get things moving at their end to progress the sale.
If you’re considering what to do with an offer a buyer has made on your home, here’s our advice on how long you have to respond and how to decide whether to accept.
How Long Do Sellers Have to Respond to Offers?
Since there isn’t a legal requirement regarding how long you have to respond to an offer, you can take as long as you like. There is no contractual time limit!
In fact, you don’t have to respond to a buyer’s offer at all (not that we’d recommend it).
Our advice is to respond to any offer as quickly as possible. A same-day response is ideal, but if you need more time to consider the offer, we’d suggest getting back to the buyer within 24-72 hours or no more than three working days from when the offer was made.
How to Respond to an Offer
Accept It
Firstly, you can accept an offer made. If the quality of the offer is strong and you’re happy with the interested buyer, you can accept the offer as it is. Added bonuses if they are cash buyers with a reasonable offer, or there it is chain-free.
Provide a Counter offer
If you’re not happy with the offer, but you like the buyer, or you don’t think you are far off saying ‘offer accepted’, you can go back with a counteroffer.
Speak to us if you need advice about what to pitch and what’s realistic to expect.
Outright Reject It
It’s usually better to make a counteroffer rather than flat-out rejecting it. However, just because a buyer makes an offer, you don’t need to accept it. If you’re not happy with the offer (or the buyer), you can reject it outright.
Remember, the buyer may still come back with another counter offer after you’ve rejected them.
What to Consider Before Responding to an Offer
If you’re not sure about whether you should accept the offer, speak to your estate agent for advice. While the decision is yours, they can provide their insight to help you decide.
Before you respond to an offer, consider the following:
Quality of Offer
Is the offer in line with your expectations?
Will it get you enough money to purchase the property you want to buy?
Consider how good the offer is and whether it’s realistic to expect more.
Market Conditions
Is it a buyers’ market right now?
Or do you have the upper hand as the seller?
If you were hoping for more, consider whether the market conditions are in your favour.
Buyers’ Situation
How desirable is the buyer to you?
Do they have a chain, or are they a first-time buyer?
Do they seem motivated and ready to get things moving?
Ask yourself these questions to see if the buyer and the offer they’ve made sits right with you.
Speak to an Agent For Advice
Ultimately, the decision about what to do with the offer you’ve received is entirely yours. But if your buyer has made an offer on a property you’re selling with that you’re not sure about, you can speak to us for advice on how to decide.
Give us a call today on 01665 661170 or send us an email at liz@eh-homes.co.uk for a chat with one of the team.
Frequently Asked Questions About Responding to an Offer on a House
How should the current market value of a property influence a seller’s decision when responding to an offer?
The market value of a property should play a crucial role in a seller’s decision-making process. It affects how sellers assess offers and whether they find them reasonable.
In a seller’s market, why do most estate agents advise sellers to carefully consider multiple offers before making a decision?
In a seller’s market, where demand outstrips supply, most real estate agents recommend a thorough evaluation of multiple offers. This ensures sellers can make informed decisions that align with their goals and expectations.
What factors do most sellers tend to prioritise when determining the asking price for their homes in today’s housing market?
Sellers tend to consider various factors, such as market trends, property conditions, and comparable sales, when determining the asking price. These factors influence their response to offers and the likelihood of accepting or making a counter offer.
How does the acceptance of an offer impact the seller’s ability to negotiate a counter offer later in the process?
Once a seller accepts an offer, it sets the stage for further negotiations. Understanding how the acceptance of an offer influences the negotiation process can help sellers navigate counter offers effectively in transactions.