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How to know when to accept an offer on your property

Published Oct 25, 2021

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First-time sellers taking advantage of low-interest rates to buy bigger and better homes should know what to expect – and what offers to accept, says Samuel Seeff, chairperson of the Seeff Property Group.

He advises

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• Appoint an experienced local agent on a sole mandate so that you deal with only one agent who can provide the best advice for the current market.

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• If an offer is within an acceptable range of 5% to 10% below the asking price, with minimal conditions, consider it seriously. There is no guarantee of a higher offer.

• If there is more than one offer, the highest price is usually the one you want to go for but be aware of any conditions attached.

• A cash offer with no conditions is always first prize.

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• A conditional offer should include a “72-hour clause” to enable you to continue marketing the property until the conditions are fulfilled.

• If you get a direct offer from a buyer or another agent, you must follow the conditions of the mandate. You cannot accept offers that are not provided via your appointed agent as you risk being liable for a double commission claim.

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