Receiving an offer for your home from a buyer is a big moment in the house selling process.
However, it’s important to weigh up each offer you receive before you accept.
In this guide, we take you through everything you’ll need to consider, explain what you should do when responding to offers and answer some of the most frequently asked questions, too.
Should I accept an offer on my home?
Knowing whether to accept an offer is often tricky and there are lots of considerations you’ll need to make beyond the price a buyer is offering.
Firstly, it’s common for buyers to test the water, so you shouldn’t be surprised to find offers up to 10% below your asking price, or sometimes more.
You’re under no obligation to accept any offer and there’s no legal deadline for how long you have to respond.
So, take some time to consider your options and weigh up the following:
1. The buyer’s position
Knowing and understanding the position of the person making an offer on your property is key.
If they have a property to sell and need to do so in order to buy your home, this could delay how quickly you’re able to move.
You should also find out more about the chain above you. If your potential buyer has a buyer for their property, how long is that chain?
Offers from first-time buyers can be seen as attractive, as first-timers won’t have a property to sell and can often move quickly.
A cash buyer, meanwhile, could also mean a faster route to completion as they won’t have to arrange a mortgage.
2. Your position and needs
Decide what’s more important to you – moving quickly or securing the right sale price.
If a quick sale is more crucial, you may be more willing to consider offers below your asking price if the potential buyer is able to complete their purchase quickly.
On the other hand, if you need to secure a certain price in order to make your next move and you’re not in a rush, you could hold out for a buyer willing to pay more.
3. The current and projected market
If you’ve put your home up for sale in a market with lots of buyers but limited numbers of properties, that competition could secure you a better price – if you’re able to bide your time and don’t need to move too quickly.
However, if the market is slow or projected to slow down in the near future, you may need to accept an early offer rather than waiting things out.
How do you respond to an offer on a house?
While you’re under no obligation to respond to an offer on your property, it’s normal to do so within 24-48 hours.
To respond, you should let your estate agent know your thoughts on the offer and whether or not it’s acceptable.
If it’s close to what you’re hoping to achieve, you could go back to the buyer, through your agent, with a counter offer.
Remember, your agent is there to help you, so take their advice on board.
Ultimately, however, the decision is yours.
How do you accept an offer?
To accept an offer, let your estate agent know that what the buyer is proposing is acceptable.
As well as the price they’re willing to pay, the buyer may also lay down other conditions, such as insisting the property is taken off the market and no more viewings are conducted.
Equally, you may be able to stipulate conditions of your own, such as exchanging contracts by a certain date.
Your agent will then inform the buyer over the phone or in person that their offer is accepted and should also follow up with an email or letter confirming the details.
Is it smart to accept the first offer on a house?
While it can be tempting to accept the first offer on your property, you should weigh up all the pros and cons before you do.
Ask yourself:
- Is this the best offer I’m likely to get?
- Is the buyer in a good position to move quickly?
- Is the market buoyant and could I receive a better offer if I wait?
If your property has been on the market for a long time, with little interest from buyers, you may wish to accept the first offer you receive.
Equally, if you have an offer in on the next property you want to buy, or you simply need to get moving, a first offer may also be acceptable.
Can you accept an offer on a house but keep it on the market?
You’re under no legal obligation to take your property off the market as soon as you’ve accepted an offer.
Most buyers will make an offer on condition that this is done.
But you may wish to keep the property listed ‘for sale’ if:
- The buyer making the offer isn’t proceedable as they haven’t yet sold their existing property
- The buyer is unable to prove they have the funds to proceed
- The buyer has made an offer that is well below your asking price
- The buyer is part of a long chain
Can you accept two offers on a house?
Legally, there’s no limit on the number of offers you can accept for your property in England and Wales.
Estate agents are legally obligated to tell you about all offers made for your property – even if you’ve already accepted one.
If you decide to accept a second offer having already accepted one with another buyer, this is known as ‘gazumping.’
What is gazumping?
‘Gazumping’ is the term given when a seller accepts an offer from a buyer having already agreed to sell their home to someone else.
Often, gazumping involves the second buyer offering more money to the seller, but not always.
While gazumping isn’t illegal, morally it’s frowned upon.
During the conveyancing stage, a buyer is likely to incur non-refundable costs, so accepting an offer from another buyer could leave the first buyer out of pocket.
Should I accept a higher offer?
Whether you choose to accept a gazumping offer from another buyer is solely down to you and your circumstances.
While accepting a higher offer may seem attractive, you should consider the impact on your original buyer, who may have already paid out for things like conveyancing or a survey.
What is gazundering?
Gazundering is when a buyer wants to reduce their offer – usually just before you’re due to exchange contracts.
Like gazumping, gazundering isn’t illegal, as no property purchase is legally binding until exchange of contracts.
As well as a buyer looking to save themselves money, gazundering can also occur when a buyer survey flags potential issues with a property.
It can also occur in chains, when one buyer makes a gazundering offer, leading to buyers further down the chain doing the same to cover their losses.
Should I except a lower offer?
Because gazundering often occurs close to exchange of contracts, you may feel like you have no choice but to accept your buyer’s reduced offer.
It’s likely by this stage that you will have incurred some costs.
However, your buyer is likely to have incurred more, so you may feel like sticking to your guns – requesting that they either pay the agreed price or you’ll put the property back on the market.
Can I pull out of selling my house?
It’s possible to pull out of a house sale for any reason.
However, this must be done before exchange of contracts, which makes your sale legally binding.
Pulling out of a property sale once contracts have been exchanged would be considered a breach of contract and could leave you facing substantial costs.
What happens after you accept an offer?
Once you accept an offer, your property will normally be listed as ‘Sold Subject to Contract’ or SSTC.
Your solicitor and the buyer’s conveyancer will then complete legal work on the sale and purchase, including obtaining answers to buyer enquires, while your buyer will finalise their mortgage.
Once conveyancing is completed and the buyer is happy with the results of their survey on your property, the two solicitors will exchange contracts and agree a completion date.
How long does it take from offer accepted to completion?
The time it takes to receive an acceptable offer in the UK increased year-on-year from December 2021 to December 2022 from 39 days to 52.
Once you have that offer, conveyancing can often take between three and four months – although this can be faster in some cases and longer in others.
As soon as contracts are exchanged, your solicitor will agree your completion date with the buyer’s side.
This is often one or two weeks after exchange.
