How to choose which buyer

[Babyburrito0]

Hi, we have just put our house on the market and I'm starting to feel a little bit overwhelmed with it.

We had out first block of viewings yesterday. I think we had about 7 or 8 viewings and have received 5 offers so far. 2 at asking price, one at 5k over and one at 13k over. We've also had an offer at 10k over but they haven't even viewed yet.

We have another 2 blocks of viewings in the next week, will be a total of about 24 viewings all together.

I love our house but I wouldn't say it's anything special.We moved in literally weeks before we went into lockdown when I was pregnant, we managed to get the bathroom done professionally and the outside has been re rendered but the rest we did mostly by ourselves with lots of love.

If the last viewings are anything to go by then we will hopefully receive a few more offers but how in the world do you decide which one to go with?

We seem to have attracted first time buyers which are obviously preferable but should how much deposit they have factor into it? We've priced very competitively but how do we work out what offers are just too much?
We've already received a letter through the door from someone who hasn't viewed yet saying how much the love it.

I would love to have a buyer who will love the house as much as we do but obviously want to make a good profit as well.
What did you look out for or ask to work out who was the best buyer?

Maybe ask the EA to arrange best and final offers?
Or ask the EA to get evidence of ability to proceed from the highest offer and see if they look flaky or not.

You need to lean on your Estate Agent for this, really. I had 2 equal offers for my home last year, and a discussion with the EA helped me decide. We had a letter through the door as well.

But that sounds hopeful altogether for you! I would pause viewings after these next 2 blocks (or even sooner if you want) because hosting viewings is the worst and I would do as little as possible in your position.

Have your EA make it clear you are considering all offers and will make a decision after this next round of viewings is complete.

You really need to find out who's actually got the money & is ready to go.

And be aware that they may offer high, get a survey done, and drop the price markedly. Be prepared to walk away from people who do that.

And estate agents won't always act entirely in your interests. They want to make sales quickly. They will tell you nice stories ...

Also worth bearing in mind that banks are being very conservative at the moment with lending, so someone who offers well over asking may find that the bank values far lower and they have trouble getting a mortgage. We didn't want offers way over for that reason!

Your EA should be advising you to allow next week's viewings to go ahead and then it to go to best and final offers. People will state in their email not just the offer but also their position and the EA can also advise you on which offer to accept although the choice is yours ultimately.

Depends if you have found somewhere yet yourself? If you can wait you may wish to go with the highest offer.

Whereabouts are you?

Allow all the viewings to go ahead for at least a couple of weeks. Get your EA to properly check proof of funds and then she will do a bidding war with those who actually have the money. You take the highest amount they will go to. It sounds like it was priced too low.

We are in Cardiff.
We've not found a house yet, desperately searching but I've made it clear to the estate agent that even though we are really motivated they may have to wait a bit for us to find somewhere.

We will definitely carry on with all booked viewings but I may ask for no more to be booked for now.

They said they've had the current offers substantiated with their advisor and Ive have their buying position and deposit details.

It may be slightly undervalued. The estate agent suggested maybe 240,000 and could reduce in the future. We agreed on a guide price of 230,000-£240,000 but they ended up listing for 230,000.

Key point to be thinking about is who is most likely to get to completion so keep that in mind when considering offers. If you have gone way over the price, will it value up to that on a mortgage val? Have they got a big enough deposit to cover the difference? Is this purchase reliant on the sale of a property? If they lose their buyer, you lose yours. Do they have a motivation for your specific house. I dont just mean upsizing, getting on the property ladder, good for a BTL, any house could fit that criteria. I mean is it round the corner from mum who does childcare, near a specific school, right nearby where they like going walking or taking the kids or dog. These are the reasons sales stick if the road gets bumpy, because they want that particular house. If you think about this from the start you can probably discount a bunch of the buyers/viewers and simplify things a bit. Dont bother with anyone unproceedable or who hasn't got the deposit and AIP readily available. It's a waste of time. And dont let the viewings roll on and on, again a waste of time. You only need one buyer and you risk losing the early ones who are often the best if you drag it out. AIP's from L&C are not credit checked until full application so no use, and most of the ones from Nat West are just online affordability checkers unless they are from a broker so get your agent to check those out properly.