Once your home is on the market and the offers start coming in it can be both exciting and overwhelming. All your hard work has paid off and now it’s time to move forward. How do you know the right buyer to choose? We are here to help! We have great advice and have found some helpful tips to consider while choosing the right buyer for your home.
If price were the only thing to consider, selling your home to the highest bidder would be the route to go. However, it is important to consider more than an asking price. There are some risks, like financing and unfavorable contract agreements, you must also consider. You want to choose an offer that reflects the value of your home, works with your expectations and will benefit both the buyer and the seller.
One of the most important things to consider is which offers are serious and which ones are not. This can take some time, but it is important to only entertain serious buyers. This will save you both time and money. A great way to decipher this is to check on the potential buyer’s financing. Have they taken steps to get their financing in order? A good indicator is if they have a mortgage pre-qualification letter. Serious potential buyers will work to take every step necessary to buy a home.
Do they ask good questions? This may seem simple and unimportant, but the right questions are an indicator of a serious buyer. Do they ask questions beyond the asking price of your home? Important questions for a buyer to ask can relate to the cost of property taxes, closing costs, the cost of average water and utility bills, or even any major issues with the structure and functionality of the home. Be willing to ask questions yourself. Ask potential buyers about their home search history. Discuss if they have any other offers on the table or how many offers they have made during their search. This will also help to decipher if they are serious about moving forward with their offer on your home.
Creating a strategy is another great way to help choose the right buyer. What are your priorities? It is important to consider your situation and determine which offers are a priority. Is selling quickly the most important? Are you looking for the highest bidder? Setting these priorities moves you one step closer to choosing the right buyer. Once your strategy and priorities are set, communicate clearly with potential buyers.
It is important to look for buyers who have the fewest concessions and have set contingencies that are not deal breakers. Is the potential buyer asking you to cover many of the potential costs? It is important to choose a buyer who is willing to share any potential costs that may arise. What contingencies has the buyer placed before you are able to complete the sale? Look to the fine print to ensure there are not contingencies that raise flags. If you receive an offer with a large number of contingencies, look to moving forward with other offers.
Offers that are flexible with timing and work with your timeline are ones to consider. If you are looking to close quickly, only look for offers that work with that timeline. If time is not an issue, narrow the list with your other priorities. There are often buyers who must sell their own house before purchasing another. Consider if that works for your timeline and goals.
Treating every offer like a business deal is another step towards choosing the right buyer. Keep your emotions in check and work to reject, accept and negotiate for your home. There is no benefit to bringing emotions and personal life into selling your home. Keep it professional and stick to your plan.
Focus on the big picture when choosing the right buyer for your home. Is the buyer qualified financially? Are they flexible and willing to work together? What is in the fine print? Look beyond the offers and consider every detail. Offer letters also help to narrow down the right buyer. Buyers who genuinely love the home will be serious about their offer and be willing to move forward. Look for buyers who want to make major changes to the home and consider your acceptance of this.
Choosing the right buyer for your home is very important. Do everything you can to hold some knowledge of what a good offer should look like.