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 about how long you have to respond to an offer, you can take as long as you like. In fact, you don’t have to respond to an 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
1. Accept It
Naturally, 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.
2. Provide a Counteroffer
If you’re not happy with the offer, but you like the buyer, you can go back with a counteroffer. Speak to your estate agent if you need advice about what to pitch and what’s realistic to expect.
3. Reject It
It’s usually better to make a counteroffer rather than flat-out rejecting. 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 counteroffer 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 Northwood Bristol that you’re not sure about, you can speak to one of our friendly agents for advice on how to decide.
Give us a call today on 0117 9635777 or send us an email at bristol@northwooduk.com for a chat with one of the team.
