Why You Should Understand Your Buyer’s Position Before Agreeing a Deal
It’s a thrilling moment when a buyer presents a favourable offer. After all the effort you’ve put into preparing your home for sale, it finally seems like everything is falling into place.
However, before hastily agreeing on a price in a surge of excitement, it’s crucial to ask a few pertinent questions – especially if there’s interest from multiple buyers.
This is because understanding a buyer’s position is essential to accurately assess the quality of an offer.
While the price is undoubtedly a significant factor in deciding whom to sell to, it’s not the sole consideration.
Your aim is to transform a good offer into a completed sale, so a bit of investigation is necessary.
Here are some points to ponder before accepting an offer.
Finances
Can the buyer provide evidence of how they plan to finance the purchase? Do they have proof of deposit and a mortgage agreement in place? Or are they a cash buyer? These inquiries can help you identify serious buyers and avoid those who may waste your time.
Regrettably, some buyers get overly enthusiastic and make commitments they cannot honour. Others might discuss finances prematurely, without consulting lenders, leading to an overestimation of their budget.
Timescale
A successful sale is like assembling a jigsaw puzzle; all the pieces need to fit.
If you’re part of a property chain, understanding your buyer’s timeline is crucial. Otherwise, the seller of the property you intend to purchase may become impatient if you cannot complete the sale swiftly enough.
Conversely, if your buyer is eager for a quick transaction and you’re selling a probate property, your timelines may not align.
Motivation
Understanding why your buyer is moving will help determine their seriousness. For instance, are they relocating to be nearer to good schools, family, or work? It’s also beneficial to gauge how long they’ve been searching for a property and how familiar they are with the local area.
If a buyer has yet to list their property, arrange their finances, or instruct a solicitor, it’s likely they are more enamoured with the idea of moving than the actual process.
Make sure you follow Beercocks on Instagram, TikTok and Facebook for regular content, providing the latest information for homebuyers and sellers in the Hull, Beverley, and North East Lincolnshire areas.
