Your home is on the market and you’re ready to sell, now it’s time to find a buyer.
Selling your property is exciting, but there can also be complications or delays during the process. When you receive an offer, it’s tempting to feel as though the end is in sight but sadly, not everyone who makes an offer is serious about buying. Some might be testing the waters, others can have a change of heart, you may also encounter 'window shoppers'. Buyers can also be hard to read and the situation difficult to manage, but fortunately, a good agent can help you to navigate your sale. Below, we look at the different types of buyers you might encounter and how you can choose which is right for you.
Is a cash buyer always the best option?
If you’re looking for a fast sale or have had a bad experience in the past with buyers' mortgages falling through, it’s perfectly understandable to be attracted to a cash buyer. However there are drawbacks – cash buyers usually make lower offers as they understand the appeal of a fast, hassle-free sale. A good agent will qualify those bidding for your home and advise you on whether it’s advisable to proceed.
Are first-time buyers easy to sell to?
First-time buyers are attractive as they are chain-free, which should make the process quicker and less prone to issues. However, there are some potential complications, for example, if the buyer is currently renting a property it’s important to know whether they have a tenancy agreement that could affect the move. Your agent will have a full understanding of any prospective buyer’s situation, identity and financial capabilities.
Could a buyer in a chain slow my sale?
Any buyer who needs to sell before they can buy is in a chain. A buyer's position within their chain will perhaps be the deciding factor when you’re choosing who is most appropriate for your sale. Sometimes a buyer is in a chain of one or chain of multiple people. As a broad rule, the longer the chain is the greater possibility of delays or issues. However, when it comes to assessing a buyer, the devil is in the detail and understanding where they are in the chain is key. A chain of five parties, where each has legal representation and is moving forward with contracts, surveys and mortgages can be a better prospect than a chain of three at the beginning of the process. Your agent will be able to provide some information about this area and advise you on taking the next step.
So, what are the signs a homebuyer is serious?
If a potential buyer visits your home and asks a lot of questions it’s a promising sign. Even more so if they get in touch afterwards to ask for more information. They are on the cusp of a big decision so it’s only natural that they would want to ask questions; your plans to move, the monthly bills, local transport links, schools and the neighbours. If somebody is viewing your home and is not enquiring about these types of things it’s probably a sign they’re not overly interested.
If a property buyer follows up and arranges a second viewing, it’s fair to say that they are close to taking the plunge on your home. It means they are broadly happy with the area, the aesthetic and the price and they are likely beginning to imagine themselves moving in. They are likely to be excited and want to picture how their furniture, their belongings and their day to day lives could be. Getting a second opinion is another good sign, this is if a buyer brings along their family and friends for a second viewing.
An experienced agent will be able to identify if a homebuyer is serious, plus there are indicators you can look for. If you're looking to sell your home quickly, for a great price, our local agents have the expertise and knowledge to help everything go smoothly. We can help you find reliable buyers – it all starts with a valuation…