Some people won’t find selecting an offer difficult, but given the importance of the sale, it is crucial you give it proper consideration. If you want to know how to choose your ideal buyer, Austin Property Services is here to help.
The size of the offer is important
We aren’t going to tell you the size of the offer you receive isn’t essential, of course, it is. You want to receive the most significant offer possible, as this provides you with more options in your next move. The majority of vendors will accept the most substantial offer made on their home, but there will be times when this isn’t the best offer for them.
Not all property offers are the same. A cash offer provides benefits a mortgage offer doesn’t offer. If you are looking to sell your home quickly, a cash offer allows you to conclude the deal swiftly. With a mortgage offer, when the mortgage has only been agreed in principle, there is no guarantee the mortgage will be presented.
Even if it comes through, it may take weeks or even months to finalise. If you need to sell your home in a hurry, the speed of the sale matters and a cash offer may be more appealing than a mortgage offer.
Is there a chain?
One of the biggest challenges in selling your home comes with a chain. The chain is out of your control, but problems in other deals can prevent you from selling your home. Therefore, it makes sense to sell your home in a manner that minimises your exposure to a chain.
Ideally, you should sell your home to a first-time buyer. A first-time buyer isn’t part of a property chain, so you don’t need to concern yourself with other deals collapsing. It could be argued that an offer from a first-time buyer is more appealing than an offer from an existing homeowner, even if the first-time buyers’ offer is smaller.
Your decision is based on many factors, so evaluate your own needs. However, the comfort that comes from selling to someone who isn’t part of a property chain may make the process a lot less stressful for you.
When does the buyer want to move in?
Ideally, you want a buyer looking to move in close to your moving date. If the buyer isn’t looking to finalise the deal until later, this may cause problems. The costs and inconvenience of a bridging loan should be avoided if possible, so look for a buyer whose actions are close to yours.
Is the buyer motivated?
Sometimes, it is best to sell to a buyer who is motivated to buy a home. A motivated buyer is likely to remain in touch and conclude matters effectively. A buyer who isn’t motivated is more likely to drag their heels, which could cause problems.
If you have similar offers and there isn’t a lot to choose between your options, the more motivated buyer may well be the best selection.
If you’re looking to sell your home, and you need assistance in the process, contact Austin Property Services. We are pleased to say we are local property market specialists, and we look forward to helping you sell your home.