Why You Should Understand Your Buyer’s Position before Agreeing a Deal
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 a price in a rush of giddy delight, it’s important to ask a few questions – especially if more than one buyer is interested.
This is because you need to understand a buyer’s position to evaluate 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 are helpful questions to 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.
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.
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.
Here at Millbanks, we can take some of the stress and uncertainty out of selling your home.
We’re here to help – contact us today.
