Do we wait for a better offer?

[BebesChamber]

First time selling a house so just looking for some advice.

Our house was listed on Monday at "offers over 500k" and we received an offer today for £500k after 8 viewings.
We have 9 more viewings, a few tomorrow and then the rest on Saturday.

We'd like 510k ideally but not sure whether to go back to the person who offered and say we'd accept 510k and cancel all other viewings, and take it off the market etc or to wait for the rest of the viewings and see what happens?

Any advice much appreciated as I don't know what to do.

See what happens after the viewings on Saturday.
Let the buyer know that you were looking for offers over but you will consider their offer over the weekend.

I would definitely give it the wekeend. You have 9 more viewings booked and may well get another higher offer/s.We had an 'offers over' price and we had an initial offer from one couple which they then increased, and increased again (they bought the house) , once they knew we'd received an offer and had more viewings booked.

I hate 'offers over'. Why not just put what you want? You want 510, so market it at 510.

Unless you’re in Scotland, don’t accept an offer straight away. They won’t be expecting you to. So if you’re in England or Wales (sorry NI, I’m not familiar enough with the system).

But in this case I’d say you’re thinking about it until early next week.

Sorry, I meant you normally reject a first offer. Then they come back with a higher one.

If the person who has offered is in the best position possible (no chain/cash) then you could try and negotiate with them to get 510, they probably haven't offered their best yet.

If not - why cancel viewings? You may well get over 510 and / or someone in better position.

Best to get a few offers though as you'll have someone to fall back on if the buyer withdraws soon - otherwise you sort of depend on them not to let you down, but they might do that. Selling can be very, very stressful, you want someone who you see (and get proof of funds) as extremely reliable.

Wait and see what other offers you get - its not always about the money, you want to choose the best offer i.e, cash buyers are the best but someone with a long chain who offers more not a good choice.

@SheWoreYellow why do you say not in Scotland?

Because it seems to work a bit differently IME, having bought and sold in both. In Scotland there seems to be less expectation that the first offer isn’t a serious one.

I'd say you have several viewings booked so are waiting to see. They may well come back with a higher offer, or wait it out. They may also be looking at other properties and buy something else. It's a risk no matter which way you go, but it seems you are in a good position.

No.... wait for them all to look round, then if you get two offers the same which are the highest, you can always ask for final & best offer.
Plus if it doesn't complete, there may be one of the others whom would still like to purchase your house

Offers over is just an estate agent tactic to get you to market your house at the price they valued it but also in line with your (potentially unreasonable) expectations on price.
Also isn't there a stamp duty threshold at 500k?
In my professional experience (15 years in property) the first offer you get is usually the best and if they've come in at your asking price straight away and are in a proceedable position, I'd accept. By all means wait for the weekend viewings but you've had 8 viewings already so I'd say this is worth accepting and you could lose them if you wait until after the weekend as they'll also be viewing other properties and they sound willing and motivated!

Also if you push them to 510k they might agree to it now and then try to renegotiate later down the line once your more financially committed to the sale and less likely to pull out