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 but anxious 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 my 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 I’d recommend it).
My 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, I’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 that you’re not sure about, you can speak to your estate agent for advice on how to decide.
If you need any further information on what to expect from the home move process, why not take a look at my other blog posts. If I can help you on your dream home journey, whether that’s with a mortgage or arranging insurance for you, please do not hesitate to get in touch. You can book a call with me here or if you’d prefer, drop me a message and I’ll get back to you as soon as possible.