When you?re ready to put your property on the market, you want to get the most qualified buyers to take notice. This is especially the case if you have already purchased another property or need to relocate within a short time span. Rather than spending days bickering over a fair selling price or financing terms, you may want to draw those who are ready to do business, so you can finalize the deal as soon as possible. If that?s the case, here are some tips that can help to attract those who are ready to sign on the dotted line.
- Avoid contingency offers. These buyers have a property of their own to sell, and may not even have any firm purchase offers they are negotiating. If you sign a contract with this type of buyer, the sale of your property might not be final until their property sells. In effect, you are taking responsibility for the sale of two properties, not just one. In some cases, a buyer may not be required to sell his or her property first, but then may back out from buying your property if they begin to worry about meeting two monthly mortgage payments. A contingency offer may work well in some cases, but is usually not the best way to go if you are in a hurry.
- Be careful with first-time homebuyers. Although many first time homebuyers often are ready to put together a purchase deal for your property, some are ill equipped to carry out a speedy purchase. They may have overlooked some of the usual purchase terms simply because they are new to the process. Depending on the real estate agent who represents them, or their advance preparation to buy a property, they may have everything lined up and ready to go, including a review of their credit history and a careful budget assessment to see what type of mortgage payment they can afford.
- Screen potential buyers. When your agent hosts an open house, see if he or she can find out those who have been pre-approved. Interested buyers can be encouraged to get pre-approved if they are not already. Sorting ready from tentative buyers will let you focus on those who are in a position to buy rather than merely being ready to start the pre-approval process. Ideally, the buyers should know how much house they can afford, what type of monthly payment will fit with their budget, and whether their credit history will support the purchase of real estate at this point.
Taking steps like these can prepare your property for a ready sale and reduce the risk of unexpected delays.