
Buyer in sight: Why you should not turn down other interested parties
The list of reasons why a prospective buyer might pull out at the last minute is long. Here are two typical examples.
Example 1: Financing is not yet in place
It's a classic scenario: Your prospective buyer shows up at the viewing well dressed, talks about his secure and well-paid job, and claims that everything has already been agreed with the bank. So what could possibly go wrong? You promise him the property and turn down the other interested parties. Why should you put yourself through unnecessary torture and constantly respond to new viewing requests? Then you receive a message from the buyer. Unfortunately, the bank has not approved the financing after all. Your buyer has a bad credit rating because he never paid back his student loan or does not have enough equity to obtain a loan.
The lesson here: check the financing of your prospective buyers before turning down others. Keeping in touch with several potential buyers may be exhausting in the long run, but it's the only way to ensure that you end up with a suitable buyer.
Example 2: Better not to buy a home together after all
Example 2 is also more common than you might think: You decide to sell your property to a couple who you like at first glance. They already know exactly how they want to furnish the children's room and are sure that their dog will love the large garden. And then suddenly they back out – just before the appointment with the notary. They have reconsidered and decided that the house is not ideal for their current situation. In other words, they have separated.
The lesson here is that buyers can seem very determined, but before the purchase agreement is signed, they can still back out.
Even if it's not the easiest solution, it makes sense to stay in touch with other prospective buyers after you've already decided on one. Working with a real estate agent pays off in several ways: You don't have to go to the trouble of staying in touch with all interested parties yourself. In addition, prospective buyers will not feel that they are being strung along. After all, the real estate agent can show them other properties if they turn down your offer. What's more, a real estate agent will check the creditworthiness of prospective buyers in advance, saving you any nasty surprises.
Don't have the time to look after all prospective buyers, conduct negotiations, and check financing? Contact us now, we will be happy to help you sell your property.
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