We are often asked by our clients whether they should withdraw their property from the market once an acceptable offer has been made. There are a number of angles on this subject which should be considered in the context of each specific set of circumstances.
Firstly, from an ethical perspective, it could be argued that once you have agreed to sell to someone, you have given them your word, and leaving the property on the market could be regarded as a suggestion that you would renege if a higher offer came along. This can encourage gazumping (where a higher offer is accepted over the original one).
Some vendors would not have a problem with this. However, in practical terms it is often the case that once the original buyer falls away in favour of the new, higher, buyer, the new buyer feels the pressure is off, and they regret having offered more than the market price. A reduced offer may follow shortly afterwards.This practice often serves to frustrate the vendor and even risks the sale. The first offer is usually the best offer!
However, there is no point in taking your property off the market if your buyer is not in a strong buying position or has a linked sale with no complete chain. This latter situation reduces the saleability of your home to the saleability of any linked properties, over which you have no control.
So our advice is to only make a decision on the individual circumstances of each potential buyer, all buyers have particular circumstances which will affect your position.
As always, we’re here to help and happy to advise on any property-related issue. Please feel free to call us on 01322 228090.