Key questions you need to ask your buyer
Finding the right buyer can save you time, energy and disappointment.
If your chain falls through due to your buyer’s financial readiness or uncertainties, you may lose out on other offers as well as the property you had intended to purchase.
Here are the top five questions you need to ask before accepting an offer.
Have they been pre-approved for a mortgage?
Being pre-approved for a mortgage means that a lender has already said their application will be accepted, speeding up the process significantly and reducing the risk of it falling through.
Do they have a home to sell?
Understanding your house buying chain is really valuable, as you’ll be able to anticipate any weak points that could lead to your sale and / or purchase from falling through.
More sellers are now opting to rent in between their sale and new home, which means that the chain is much smaller and less likely to break.
Have they made an offer on another house?
If the buyer has put down a deposit on another property, they might not be fully committed to that purchase.
Are they a first-time buyer?
First-time buyers are often chain-free, so the process of selling your home should be quicker.
However, be careful not to make assumptions.
There may be other commitments such as a fixed term tenancy that prevents them from moving quickly, so always check when your buyer wants to complete.
What is their moving timeline?
Remember to ask what their moving timeline is like, as this will tell you how much they must do before they can move.
If their timeline fits in with yours, then they’re probably a suitable buyer for your property.
Need help finding the perfect buyer? Get in touch with us today.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Part of a network of agents
We work with other trusted estate agents across the nation
Latest news
Help us make a difference to those in need this Christmas
Donations for our local food banks are being gratefully received at your local Pygott & Crone branch
Is home staging worth it?
Home staging is a specialised skill which involves creating the perfect atmosphere in your home using furniture and accessories, plants and lighting, to garner buyer interest for your property and sell it faster, for the best price.
Winterproof your home with these tips
As autumn leaves us and dark evenings approach, now is the best time to start preparing your home for the cold months ahead.
One in three properties receive an offer one hour after viewing
The housing market once again exceeds expectations after a poor reception from the chancellor’s mini-budget and regular talk of a possible slowdown, as current research suggests that in 2022, almost a third (31%) of properties are now receiving offers within an hour, compared to a mere 7% in 2018.
