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How to deal with different types of buyers

When you sell your house, you will generally be most concerned with getting a good price. However, there are other factors which should influence your decision, like the circumstances of the buyer.

There are three types of buyer: those who are buying a home using cash, those who are using the money from selling their home, and those who are borrowing money to buy a house. A cash buyer is often the preferred buyer, as they have the money available and don’t have to sell a property before buying yours. However, cash buyers often expect to pay a lower price, as they know that they are in an attractive position.

If a buyer is in a chain, for instance waiting for their buyer to sell their home, there will be a greater risk of the sale falling through or something going wrong. However, if your buyer is in a chain which involves several parties, don’t automatically assume that they won’t make a good buyer. If all parties are taking steps to conduct surveys, have done searches and have their mortgage offers, the process may move quicker than you think, especially as they will all have some financial investment in the chain, like a survey.

If you have a buyer who hasn’t sold their home, think very carefully before accepting their offer, as you could be delayed for months, and longer if they are having problems selling their home. If you are unsure, speak to a CeMAP qualified mortgage adviser, who can offer advice.

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