Tips on Choosing the Right House Buyers
If you got multiple offers for your house or property, you are probably feeling good about yourself. It is very hard to sell a house fast and getting multiple buyers can help you get the best offer for your property.
However, choosing a buyer can be a bit complicated since there are so many factors that you have to consider. We will give you a few tips on how to choose the best buyer for your property.
Getting the Best Offer
It is very important to get the best offer for your house, especially if you have multiple buyers. However, can you consider the highest offer to the best deal? No. The best offer will depend on your current situation. Here are some tips to help you determine the best offer for your property.
- Think About Your Priorities
If you just had a divorce, you need the money immediately so you might consider the first offer to be the best choice since you need the money immediately.
If you are financially incapable of repairs, the best offer would be to select a buyer who is willing to forgo the repairs. You might need to bring the price of the house down, but it would work for you if you don’t have any cash to use for repairs.
- Check the Contingencies
No matter how good an offer is, contingencies or the conditions of the buyer might spoil everything. Most buyers would ask for a home inspection, property appraisal, and buyer financing, which would protect the buyers if there are major defects on the property.
You have to be wary of buyers that would only make a deal once their existing home was sold. If you are in a rush to sell your house, this is a problem that you don’t want to deal with.
- Keep your Emotions at Bay
When you are selling a house, you should always keep your emotions at bay. Your emotions can ruin a supposedly great deal, especially if you are in a lot of stress.
No matter what reasons you have for selling, you should always make sure that you have a clear mind when choosing an offer.
Look for a Buyer with Flexible Timing
You would always want to sell your home immediately, but you might encounter homebuyers who might make an offer based on the availability of their funds or other factors.
Like what is mentioned earlier, there are buyers who would only buy your house once their current property was sold. Although this can be a sure buyer, you don’t have any idea if their property would be sold in just a few weeks or months.
As the seller, your goal is to close the deal as soon as possible so if you found a buyer with a great offer and is willing to clean in just a few weeks, you may have found the right buyer for your house.
You should also remember that the longer you wait for the buyer, the higher the chances that they would back out from the deal. They might find other properties that would suit their preferences or someone might encourage them to look for a different house.
Choosing Between Multiple Offers
If you’ve got two or more offers on your property, you need to know which one to choose. We will provide a few simple tips to help you decide.
Tip #1: Always Choose a Cash Offer
If you have multiple offers and someone offered to buy your property in cash, that is the best possible deal that you can get because it is less complicated. You just have to handle all of the paper works and once everything is done, you can get the money immediately.
Tip #2: Choose a Buyer with Deposit
When a buyer makes a deposit, it means that he/she is really serious about buying your house. If there are 2 or more buyers who made a deposit, choose the one with a large deposit because they would think twice before they walk out of the deal.
Tip #3: Check your Situation
We already mentioned this above since you need to choose a buyer that would satisfy your current situation. If you need to sell the house fast, closing the deal with the first buyer would be your best option.
If you are not in a rush, you can wait for a while to test the market and see if there are better offers that would come your way.
It is not too hard to choose the right buyer because as long as he/she fulfills what you need right now, then you already made a great deal regardless of their offer.
This article was contributed by:
Victor Whittle – Content Director and Investments Specialist
Victor is a real estate investment specialist, with more than four years of experience in the industry. He is specialized in real estate purchasing processes and has rich experience in writing different guides on this topic. Currently working as a Business Development Manager at Prospect Group and manages the Creative Marketing side as well. He has experience in buying houses in difficult situations such as probates, foreclosures, liens, problem tenants, etc.
Company: Prospect Group