Seek advice before accepting an offer

whether the property on sale is primarily an investment whose purpose is to get a return on profit or to convert it into a home.
In the whirlwind of emotion that is likely to suffice, one must consider a few elements before accepting or rejecting the offer on the property.
Such offers are to be evaluated or assessed on an individual basis but I intend to list the universal considerations that one may make at such a time, even if it is just to give it the façade of a well-considered acceptance or rejection.
The common idiosyncrasy of a seller is that the property for sale is worth more than the price being offered. When one feels like that after receiving professional advice stating otherwise, it is not uncommon but very normal.
The human inclination is to have a bias on all that we own.
When one receives an offer, in some cases it is wise to hold out for a better offer. This might actually result in an unexpected counter offer or another better independent offer from a non-professionals, but that is not always the case.
What one should consider is whether the offer is outrageously low to be considered an insult, or whether it falls far short of the price the property was bought for to qualify as an unnecessary loss.
If the offer does not fit into the above scenarios then one has to consider whether the offer can be regarded as fair considering the prevailing market conditions or one which the seller can reasonably make given the shoes where changed.
After meticulously assessing whether the offer is fair or not, then consider one’s own personal circumstances like is the offer significant enough to fulfil the requirements that triggered the sale.
It is imperative at this stage to appreciate the fact that the sale will not eliminate all the financial problems one may face, but significantly reduce them.
It is important to understand that the fact that the offer was tabled almost immediately after putting the property on the open market does not necessarily mean that holding out the property longer will command a higher price.
A good agent will always have a database of potential buyers and the agent will offer them the property first.
It is not uncommon to find a property sold on its first week of listing, sometimes holding out actually reduces the price as the property becomes stale on the market.
In a buyer’s market a property that is stale creates a lot of problems as buyers are limited so in most cases they tend to know how long a property has been on the market and the big question will obviously be why?
In such cases, it is commonplace to witness sellers actually accepting offers extremely lower than what was tabled by the first potential buyer.
In similar situations, the best advice is to just consider each offer on its individual merit rather than compare to future speculative offers that may not materialise. There are also other elements to consider when an offer comes with conditions.
It is important not just to be excited by the monetary value stated on the offer form without paying meticulous attention to the terms and conditions attached with the offer.
Either in cases where the conditions are too burdensome and are a potential nuisance, wisdom normally dictates that they are edited or the offer is completely rejected. At first glance, it might seem that one is letting go of a large money opportunity in a depressed market but in most cases one is actually buying peace of mind and letting go of a potentially litigious transaction.
If the offer involves a terms payment or part of the payment is to be satisfied by a bond or mortgage, it is critical to be fully aware of the inherent risk procedures that accompany such a transaction before accepting the offer.
It is critical to understand that our mortgage system is just resuscitating from years of stagnation, as a result in some instances a transaction involving a mortgage can take up to two months before a seller receives a payment into their account.
Most sellers abruptly accept such offers in the vain hope that payment will be availed quickly as it is guaranteed by a credible institution without considering some of the bureaucratic impediments that such organisations create for themselves.
Therefore, when it comes to accepting an offer, like all things in life, there is wisdom in seeking professional advice.