During a real estate sale, choosing a buyer is a complex task that requires analyzing the purchase offers and the financing files of the buyers with great attention. The task becomes even more complicated when you receive several purchase offers. Here are some tips that will help you make your choice more easily.
Ask The Right Questions From The First Contact
Our advice for choosing the best buyer? Before even studying the different offers, you must ensure certain elements. This verification can be done at the time of the visit when a visitor seems interested in your property. If you do not carry out the visits yourself, it is your real estate agent who will be able to tell you if the buyer is interested and will give you more information on their purchase context.
First, you must contextualize the visitor’s purchasing plan. Find out how long he has been looking for his future home. Is he in a hurry to buy or does he seem to be visiting to get an opinion? A very interested buyer will be able to show you this by asking you very specific questions about the apartment (works, boiler, shops, parking, etc.) and make you an offer quickly.
Also, ask if they own the property and what stage of the sales process they are at. If he has only just put his property up for sale or if he has not yet done so, your sale may be delayed.
You must also be able to identify the “risky” buyer profile who, for example, will want to make you an offer to block the apartment but who continues to search to find “better”.
Please note that the buyer’s commitment is only truly made at the time of signing the sales agreement and not at the time of submission of the offer. We must therefore try to take the temperature and analyze our motivation as best we can.
Check The Solidity Of The Buyer’s Financing Plan: The Financing Feasibility Certificate
After analyzing your visitor’s motivation and contextualizing their project as best as possible, you will need to study their purchase offer and their financing file. Beware of the buyer who makes you a purchase offer that exceeds his actual financing capacity. You must ensure as much progress and solidity as possible in your financing solution.
To do this, you can ask each buyer to provide you with a financing feasibility certificate. This is an additional guarantee. Also, don’t hesitate to ask questions about financing your purchase. What budget does he have? Have you ever asked yourself the question of financing and calculating your home loan? If a buyer visits before even having simulated his financing capacity, you run the risk of seeing the sale collapse if he does not obtain his loan.
Also, pay attention to the buyer-seller who has based his financing file on the sale price of his current property. There is no guarantee that he will sell at the price he asks. If he does not finalize his sale, he could withdraw from yours or if he sells at a lower price, he could have less money than expected for his purchase. Once again, you must check the maturity of your project.
Get Support From A Real Estate Professional
Even if asking questions to the buyer and requesting a letter of comfort allows you to form an initial opinion on the solidity of your offer, having the opinion of a real estate expert is very useful to put all the chances on your side.
An expert agent such as Coastal Florida Home Buyers will be able to analyze the buyer’s file and their motivation in more detail. His expertise allows him to quickly detect warning signals from the first contact or during the visit. He will also be able to advise you if you have to choose from several purchase offers.
Professionals at Coastal Florida Home Buyers can also help you manage the large number of contacts that your ad will generate. For example, if you are selling a property in a highly sought-after area, you may quickly feel overwhelmed by all the calls and the large number of offers you will receive.
You can therefore get help from a professional who will support you throughout your sales project and in particular during this very delicate stage of choosing the buyer. Using a real estate agency to sell your property indeed represents a significant cost (around 4.8% of the sale price).
However, you can now opt for a new solution: Entrust the sale of your property to a real estate agency that offers to take care of 100% of the sale for a fixed rate much lower than a percentage commission.
To choose the best buyer, you must first check their motivation during the visit and the submission of the offer. Next, you must choose the buyer who has the strongest and most successful financing file.
Finally, know that a buyer who can buy cash (without borrowing) represents an excellent opportunity since not obtaining a loan will not be a reason for the failure of the sale. One hold is better than two, you get it!
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