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I’ve received an offer. What’s next?

What are the steps when reviving an offer via I Am The Agent from a potential buyer? 

Congratulations on your potential offer, you’ve clearly done a great job on the viewing, but what’s next..? 

Here is a short guide of what you need to collect and provide to solicitors to make the offer official: 

Offer verification: 

Your buyer must present their offer to you: 

Written notification, an email to you (feel free to loop us in or they can message through our messaging service confirming: 
Their offer amount, 
Their full address,
Chain position, if any,
Their financial position: mortgage in principle, deposit confirmation. Your conveyancing solicitors’ details.

We can help you with quotes from our partners L&C (the largest fee-free mortgage broker in the UK) and Premier Property Lawyers. Please feel free to call our team for assistance on: 0333 4441007 if you would like a bespoke quote. 

Financial Verification:
Please ensure they have a mortgage in principle as part of the your due diligence we would suggest they provide a copy of the certificate and your brokers contact for verification. 
If cash is funding the sale, please send proof of funds: bank statement or similar. 
Chain verification, if you are selling a property at what stage you are in and the agents details for verification.
We strongly advise no financial exchange of cash should be made without legal advice and a full survey being carried out.

The conveyancing process can be a long and arduous task if, you do not engage with the right legal representation. I Am The Agent will make recommendations based on our experiences with local and national specialists that are both highly effective and motivated to help clients complete the transaction in a speedy fashion. It is essential that your chosen solicitor maintains strong levels of communication with our sales progress or, yourself and the other solicitors always involved.
The buyer should provide full contact details to you the vendor or us (if you have purchased the whole shebang) of their appointed conveyancing solicitor (you also need to have yours ready) 
Full contact name of your solicitor, email, telephone number.
Case number or reference

Client Support
I Am The is an online estate agency, where clients pay a one-off fixed fee to market with us, the level of service/support to the property owner varies. We may not be contracted to assist with the sales negotiations or memo of sale circulation, however we are happy for you to include us in the offers. We are on hand if you have questions and depending on the level of support the vendor has selected and paid for we may be processing the sale to completion. If we are not, we strongly suggest requesting all the buyers information for your own records: full address, ID and contact details, so you can contact each other swiftly. 

All party information and memo of sale: 
Once you have received all of the above information, you will need circulate a memo of sale as the property owner (unless you have purchased the whole shebang). This is a document with all the information of both parties to pass on to your solicitors to start the process. So, in return for your buyer information we suggest it’s best practice to provide the buyer with: 

Acceptance of your offer
Completion date to aim towards
Full solicitors’ details and contacts
Any details of your chain (agents involved etc) 

On receipt of this we suggest looping in all parties with the information to start processing. The solicitors will then start the process and necessary verification. Your mortgage company will organise a survey, you may want to request a more detailed survey report, which will give you peace of mind. 

We can help you with a surveyor within your area just call 0333 4441007.
In compliance with the Estate Agents Act 1979, we are bound to comply with and act in accordance with that legislation specifically with our client's best interest at heart, but naturally we also have a care of duty to you as a buyer as well. As a nationwide online estate agency our experience shows that everyone will mutually benefit from a speedy and diligent transaction, if we have the complete cooperation of all parties including, but not limited to; sellers, buyers, estate agents, solicitors and mortgage brokers. We therefore respectfully request that you inform ALL parties involved with your part of this sale, that you are all available for regular updates to assist in the progression of the sale.

Once circulated to all parties and your solicitors, the conveyancing will begin and your conveyancing solicitors should update you and assist you until completion. Although you may need to do some chasing along the way with your buyer.