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? Alexander May can help you.