Selling your home top 5 questions to ask your buyer
Looking for the right buyer? Here are the top 5 questions to ask before accepting an offer. Unlock a seamless selling experience. Discover the essential selling your home questions for property transactions. Maximize your knowledge about buying and selling with insights from our expert estate agents near you.
1. Have you been pre-approved for a mortgage?
Being pre-approved for a mortgage means that a lender has already said your application will be accepted. Having a buyer that is pre-approved for a mortgage means that the buying process will speed up significantly. There is a low risk of them being denied a mortgage and the sale falling through. This is an important question to ask if your buyer isn’t paying cash.
2. Do you have a home to sell?
Finding out if your buyer is part of a chain is also important. If they also have a home to sell, then they will have a potential buyer as well. If their buyer pulls out the chances are the sale will fall through. It’s a good idea to have knowledge of your buyer's living arrangements before accepting the offer.
3. Have you made an offer on another house?
When making an offer on a property you must put down a deposit. If the buyer has put down a deposit on another property, they might not be fully committed to that purchase. This may mean that they are not a reliable buyer for your property.
4. Are you a first-time buyer?
First-time buyers can be an attractive proposition for someone looking to sell. They are often chain-free, so the process of selling your home should be quicker. But be careful not to make assumptions. There may be something such as a fixed-term tenancy that prevents them from moving quickly. Always check when your buyer wants to complete before accepting an offer. Your estate agent will have to check if the buyer is financially able to purchase the property. However, this doesn’t mean the sale is any less likely to go through.
5. What is your moving timeline?
Remember to ask when they would like to move and what their timeline is. This should give you an idea of when they expect to complete. It will also tell you how much they must do before they can move in. If your timeline fits in with yours then they are probably a suitable buyer for your property.
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Posted on: 18 August 2023