When selling your home, you need the best offer and the process to be as hassle-free as possible. Most sellers look for house buyers for cash since it allows them to close the deal more quickly and receive cash up front, but it’s not the only factor you should consider. You should also take into account other things like contingencies, loan type, and the offer price.
It’s imperative to consider the kind of home buyer you’re dealing with, so you can deal with them better. Therefore, this article will talk about types of home buyers and how you can deal with offers. Read below to learn!
Types of Home Buyers
1. First-Time Buyers
First-time buyers are usually chain-free. Hence, they can be attractive in the eyes of the sellers. They are either currently living with their parents, on rent, or want to start a new family in a new, comfortable home.
Since they are chain-free, the entire selling process can be quite convenient and quicker. However, you should confirm their identity and their financial stability to make sure they are able to pay the amount.
If they are renters, you should confirm their tenancy period and whether it’s fixed, as you don’t want the selling process to be interrupted.
2. Cash Buyers
The best thing about cash buyers is that the process is quite straightforward and hassle-free. You quickly attract a lot of buyers without any marketing, and you can seal the deal faster. However, these perks come with a downside, which is a lower offer. You still can’t overlook the advantage of better security and flexibility.
It’s crucial that you confirm their financial standing through a cash buyer’s lawyer or bank, so you’re able to receive the amount from them.
3. Buyers in a Chain
Buyers in a chain are the ones who are waiting for their home to be sold, so they can pay the amount for purchasing your home. Dealing with such buyers can lead to delays, which can obviously affect your sale. Therefore, asking your real estate agent to thoroughly research them before accepting the offer is vital.
How to Deal and Handle Multiple Home Offers?
1. Start With a Price and Keep Going
Of course, you may be tempted towards the highest bid for your home and want to seal the deal quickly.
However, you must discuss the terms and conditions with the potential buyer and have your attorney by your side to review them. This will allow you to sell your home without much risk and hassle.
2. Compare Contingencies
Multiple buyers may have various conditions that would allow them to cancel the deal in case they are not fulfilled. The most typical contingencies include inspection, appraisal, and financing.
Since you want to keep risk to a minimum and want to sell the home within the set period, it’s essential that you confirm the deal with a buyer with minimum conditions.
3. Consider Closing Timeline
If you want to sell the house as soon as possible, your best bet would be to keep an eye on all-cash buyers, since you will be able to close the deal immediately.
On the other hand, if, let’s say, you’re building the house or renovating it, buyers who don’t want to purchase a house until the next two to three months would be most attractive to you.