Choosing Your Buyer

Choosing Your Buyer

Don’t forget that although you want someone to offer to buy your property, it’s you who decides if they are the best Buyer for you.

Although it can be tempting to accept the first Buyer who makes you an acceptable offer, you should have a checklist that you can use to assess and rank potential Buyers. Things to consider:

  • The offer. Before you even start to do viewings, you should be clear in your own mind of:
    a) Your target price (not necessarily the asking price)
    b) Your lowest acceptable price (which you will only accept if, for example, you’ve been on the market for more than 3 months)
  • Your next move. If you’re flexible about when you move then there is less pressure on you to take a less than ideal Buyer
  • The Buyer’s financing. If they can buy your property using existing funds it’s better for you than them requiring a mortgage, especially when Lenders are so cautious and risk averse. If they have a mortgage in principle that’s obviously better than if they haven’t yet applied for a mortgage.
  • Do they have a property to sell? If they are still waiting for a buyer for their property, then any offer you accept should be on the basis that you continue marketing until they can proceed.
  • The Buyer’s chain. If they are chain free, this is of benefit to you, particularly if you need to move quickly and can’t take the risk of a chain breaking down.
  • When do they want to move? If they want their move to coincide with, for example, the next school holidays, how acceptable is this to you?
  • The people. Hard to judge on just one or two meetings but weigh up how much you trust them. Are they open with you when you ask questions? Have they viewed other properties and decided yours really is the one for them?

You should consider all the above when someone views your property and/or when they make an offer to buy your property.

You need to judge when to ask the questions – it might be a bit presumptuous to ask them about their finances the minute they walk in the door on a first viewing, but don’t be too shy.

Remember, you’re choosing them, as well as them choosing your property, so you need the information to make the best decision for you.

Make sure you tell them about your requirements too when you want to move, for example. There’s no point in finding out once an offer has been accepted that they can’t fit in with these.

by Richard Watters

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Thinking of Selling Your House this year? Why you need to act now!
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