Director, Douglas & Gordon
Q I HAVE had a lot of interest in my flat but I’m not sure how best to pick between the 6 bidders.
A WHILE that’s a nice problem to have, it’s easy to get it wrong. It’s important not to accept every thing at face value.
Set a time for the best bids and make it clear that you won’t necessarily accept the highest one. Set the date for the end of a week like Friday at noon, so buyers have a chance to cogitate over the weekend.
Ask them to supply a letter from their solicitor stating they’re instructed. Also, ask for exact details of their money situation: if cash, a letter from a bank manager or bank statement is a prerequisite but if a mortgage is required, ask for an exact deposit amount and at least a letter from a mortgage company or broker stating that they have an offer in place.
The bidders must also state exactly what chains they are in and whether or not the purchase is dependent on selling another property. As an extra bulwark, ask for copies of all bids to be sent to your solicitors. This will help give your buyers piece of mind. Be prepared to accept a lower bid if it’s all cash.