The Private Offer Tracker, a guide for buyers

Welcome

A vendor has invited you to agree a price for their property through the FYSH Private Offer Tracker. This short guide explains, in plain language, how it works and what to expect at each stage.

The Private Offer Tracker is a private space where you and the vendor exchange offers until you either agree a price or decide not to go ahead. Every figure and every message is saved with a time and date, so there is never any confusion about who offered what, or when.

What the Private Offer Tracker is

Think of the Private Offer Tracker as a calm, private room where only you and the vendor discuss price. You take it in turns. You make an offer, the vendor replies, you reply again, and so on, until one of you accepts. Nothing is rushed and nothing is public.

Your exchange is completely private. No other buyer can see it, and you cannot see anyone else. There is more on this further on.

Before you begin

A few simple things are worth knowing before you start.

• You take part in one exchange at a time. If you are already exchanging offers on another property through FYSH, you finish or step away from that one before starting this.
• Each exchange stays open for a window of seven days from the last activity. Every offer either of you makes resets that clock, so it only runs down when the conversation goes quiet.
• You can set a private ceiling for yourself, a figure you would rather not go above. It is only ever visible to you, never to the vendor.

Step 1, your invitation

The vendor starts the process. When they do, you receive an email invitation and a message in your FYSH inbox, both letting you know the vendor would like to exchange offers with you on their property.

To begin, open the Private Offer Tracker from your FYSH workbench menu, or follow the link in the email. You will see a short summary of the property and the invitation waiting for your response.

Step 2, accepting the invitation

When you are ready, select Accept. The exchange becomes active straight away. Because the vendor invited you, the first move is yours. You make the opening offer, which is the figure you would like to pay.

There is no cost to accept an invitation. Accepting simply opens the private room so you can start discussing price. If you would rather not go ahead at all, an invitation you never accept simply lapses on its own.

Step 3, making your opening offer

Enter your offer as a whole amount in pounds. You can also add a short note with any conditions that matter to you, for example that your offer depends on a survey or on a particular completion date.

Before your offer is sent, FYSH checks that the figure looks sensible. If it sits a long way from the asking price, you will see a gentle reminder to check you have not missed or added a digit. You can correct it, or, if the figure really is what you meant, send it anyway.

Step 4, the back and forth

Exchange happens in turns. After your opening offer, it is the vendor's turn. They may accept it, or reply with a counter, which is their suggested figure. Then it is your turn again. You reply, they reply, and the two figures usually move closer together until you meet.

You will always see the latest offer on the table and whose turn it is. You can only act when it is your turn, so there is never any doubt about what to do next.

You cannot make two offers in a row. Waiting for the vendor to respond is normal and expected. If you change your mind about a figure you have not yet sent, you can edit it before sending.

Setting a private ceiling

At any point you can set a private ceiling, the most you are willing to pay. FYSH keeps this to itself and shows you a quiet reminder as offers get close to it. It is advisory only. It never sends an offer for you and it never limits what you can do. It simply helps you stay within your own comfort zone.

The vendor sets their own private floor in the same way, the least they are willing to accept. Neither of you ever sees the other's private figure.

Pausing the conversation

Sometimes you need a little time. Either you or the vendor can pause the exchange for a short period, up to 24 hours. While it is paused the seven day clock stops, so a pause never counts against you, and the conversation picks up exactly where it left off.

If other buyers are interested

Sometimes a property is popular and the vendor speaks with more than one buyer. This changes nothing about your own experience. Your exchange is entirely your own. You never see another buyer, you never see their offers, and you are never told whether other conversations exist. From where you sit it looks and feels exactly the same whether you are the only person interested or one of several.

The vendor considers each conversation on its own merits. If they decide to accept an offer from someone else, your session closes and you receive a short, courteous message letting you know the vendor has agreed a sale with another buyer. The property may then show as offer accepted.

Best and final offers

Sometimes, when more than one buyer is interested, the vendor may open a best and final round. This is the single moment where one figure crosses between exchanges, so it is worth understanding.

If a round is opened you are told, and you are shown one figure, the current leading offer. You are never shown who made it, and you never see anyone else's response. You then have 48 hours to do one of two things. You can submit a single best and final offer above that figure, or you can stay exactly as you are. Whichever you choose, the vendor decides once the window closes.

A best and final is final. Once you send it, it cannot be changed or withdrawn, so enter the most you genuinely wish to offer. It must be higher than the figure shown. The leading figure is the only thing ever revealed, and only during a round.

Reaching an agreement

When an offer on the table suits you, you accept it. Equally, the vendor may accept one of yours. The moment either of you accepts, the exchange moves to an agreed state and the price is settled.

The vendor then formally concludes the session. This locks the full record so it can never be changed, and the property shows that an offer has been accepted. You receive a confirmation email and a link to download a tidy summary of the whole exchange.

What happens next

With a price agreed and the session concluded, the sale moves into the legal stage, known as conveyancing. Instruct your solicitor and share the summary you downloaded. It is a useful reference that sets out the agreed figure and the history behind it.

Offer accepted means the vendor has agreed your price and the property is no longer openly for sale. As the sale progresses the vendor moves it to sold subject to contract, and then to sold on completion. Your next step is to instruct your solicitor or conveyancer so the legal process can begin.

If an agreed sale falls through

Occasionally an agreed sale does not go ahead, perhaps a chain breaks or circumstances change. If that happens, either you or the vendor can record it, and the property simply returns to for sale.

The record of the agreed price stays exactly as it was and is not reopened. The other buyers who were interested are told the property is available again, so anyone still keen can enquire afresh, and the vendor may then start a new exchange.

There is no penalty for a sale that falls through. If you are the buyer and can no longer proceed, you can withdraw your agreed offer here. If a property you liked comes back to the market, you are free to enquire again.

If it does not work out

Not every exchange ends in a sale, and that is perfectly normal. A few things can happen.

• You or the vendor may choose to step away. Either side can withdraw at any time while the exchange is live.
• One side may simply stop responding. If there is no reply within the window of seven days, the session closes on its own and is marked as expired.
• You may decide the gap between the figures is too wide, and agree to leave it there.

Your record of the exchange

Every offer, counter, note and decision is saved with a time and date, and none of it can be altered after the event. This gives both you and the vendor a clear and fair record. Once the session is concluded you can download this summary at any time as a formal reference for your solicitor.

Quick reference

Word	What it means
Offer	A figure you propose to pay.
Counter	A figure the vendor proposes in reply, or one you propose back.
Standing offer	The most recent figure on the table, waiting for a reply.
Best and final	A single, final offer you may submit during a best and final round. It cannot be changed once sent.
Leading offer	The one figure shown to every buyer during a best and final round, the highest offer on the table.
Accept	Agreeing to the latest figure, which settles the price.
Private ceiling	The most you are willing to pay. Seen only by you.
Pause	A short break of up to 24 hours that stops the clock.
Concluded	The point where the price is locked and the record is finalised.
Offer accepted	The vendor has accepted an offer. The property is no longer openly for sale, before conveyancing begins.
Sold subject to contract	The sale is agreed and progressing through conveyancing, not yet legally complete.
Sold	The sale has completed.
Expired	A session that closed because there was no reply within seven days.

This guide is for general information and does not form part of any contract. FYSH does not provide legal advice. Please take independent advice from your solicitor or conveyancer.