Selling your home is difficult, and there is a lot to consider. One of the most important things you can do as a vendor is to focus on the buyer. If you can find your ideal buyer, the process becomes easier. If you are in the position of having more than offer for your home, you need to make an informed decision as to who your ideal buyer or offer is.
You’ll find many homeowners decide the largest offer for their home is the best offer. No one would argue against deciding based on receiving the highest bid. The more money you receive in selling your home, the greater your options of flexibility when it comes to buying a home or taking the next step.
Therefore, if you are under the impression that your ideal buyer is the person that makes the largest bid, you’ll receive few complaints. Of course, life is not always as straightforward as this. It may be that a different type of bid, or buyer, provides you with the best solution for your needs.
How is the offer made?
The nature of the offer impacts what decision is best for you. There are differences between a cash offer and an offer backed by a mortgage. It takes time for the buyer to arrange a mortgage, so if you are looking to sell your home in a hurry, a cash offer may be more attractive. Also, if the mortgage has only been approved in principle, there is no guarantee it will be confirmed. Therefore, there is an element of risk associated with accepting a mortgage offer.
Is the buyer part of a chain?
An important issue for vendors to consider is whether accepting an offer places them into a sizable property chain. For many homeowners selling their house, a first-time buyer is likely to be the most appealing buyer. A first-time buyer is not part of a chain, so there are fewer risks involved with the deal.
The longer the property chain, the greater the risk of delays or a collapse. Therefore, it is easy to see why a vendor would prefer to avoid a buyer who is part of a property chain. Each property deal is unique, and a sizable proportion of sales that are part of a lengthy chain conclude without any hitch or problem.
However, it is fair to say property chains can pose problems and represent a risk. As a vendor, you need to make an informed decision that minimises your risk, and we are happy to provide you with support and guidance throughout the process.
It is important to have aims in selling your home. Once you know what constitutes an acceptable offer or deal for you, it becomes easier to agree a solution that leaves you feeling happy and confident.
If you are looking to sell your home, contact Bond Oxborough Phillips and we will be happy to help. If you are keen to obtain a valuation of your home, get in touch today to arrange an appointment.