It’s an exciting moment when a buyer puts a good offer on the table. After all your hard work to prepare your home for sale, it feels like everything is finally falling into place. But before you agree on a price in a rush of giddy delight, it’s important to understand the buyer’s position – especially if more than one buyer is interested.
This is because you need to evaluate a buyer’s position to truly assess how good an offer really is. While price is obviously a massive factor in deciding who you sell to, it’s not the only issue to consider. Your goal is to turn a good offer into a completed sale, so you need to do some digging.
Here are some issues to consider before accepting an offer.
Finances
Can the buyer demonstrate how they’ll fund the purchase? Do they have proof of deposit and a mortgage deal in place? Or are they a cash buyer? These questions can help you weed out timewasters. Unfortunately, some buyers get carried away and make promises they can’t keep. Others jump the gun and talk about money before doing their sums or speaking to lenders and, as a result, overestimate their budget. Understanding a buyer’s position financially can save you from future complications.
Timescale
A successful sale is like putting together a jigsaw puzzle; you need to get all the pieces in place. If you’re in a chain, knowing what timescale your buyer is working to is critical. Otherwise, the seller of the property you’re buying may grow impatient if you can’t complete quickly enough. Alternatively, if your buyer is desperate for a speedy deal and you’re selling a probate property, you may be working to conflicting timescales. The buyer’s position in terms of their timeline can significantly impact the transaction.
Motivation
Knowing why your buyer is moving will help you assess if they mean business. For example, are they moving to be closer to good schools, family, or work? It’s also worth gauging how long they’ve been property hunting and how well they know the local area. If a buyer has yet to list their property, sort their finances, or instruct a solicitor, there’s a good chance they like the idea of moving more than the reality of it. A clear understanding of a buyer’s position in terms of their motivation can provide insight into their seriousness.
Here at Ensum Brown, we can take some of the stress and uncertainty out of selling your home. Understanding the buyer’s position is crucial, and we’re here to help you navigate this process smoothly.
We’re here to help – contact us today.
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