23rd October 2020
Choosing the best buyer for your Chester property
Congratulations. You’ve listed your property, followed our tips on staging your home for the best chance of selling, and now you have some interested buyers.
But how do you navigate the process of choosing the best buyer for your home? We’ve helped Chester’s homeowners for over 30 years, so here are our top tips:
The highest offer isn’t always the best offer
You read it right. It seems obvious that whoever is offering the most is the one to choose. But there are things to consider. Whenever we put forward an offer to our vendors, we gather information from the potential buyers including their financial position, whether they are getting a mortgage and if it’s subject to any references and whether they are in a chain (and timings thereof). This helps to weigh up not only the offer they are putting forward but also the likelihood of it proceeding smoothly.
Which leads us on to point two…
Listen to your agent’s advice
If you’re using a knowledgeable and trusted estate agent, they’ll have been through this process hundreds of times and will be able to guide you in the best direction.
Remember that a mortgage lender will only offer your potential buyer a loan that’s commensurate with the actual value of the property. A good estate agent will have knowledge of the local market and will know what is a realistic offer.
They’ll also have had experience working with people, so will know how to help you choose a buyer.
Are they first-time buyers?
There are pros and cons of selling to a first-time buyer. The biggest advantage, of course, is that they won’t be in a chain which can help speed up the transaction. However, on the other hand, first-time buyers may also require more time and hand-holding to make decisions.
Your agent will be able to advise on this, especially if you are deciding between multiple different offers.
Is there a chain?
Do your potential buyers have onward transactions? If so, how long is their chain?
The longer and more complicated the process is, the more likely it will be that one party may pull out or find themselves unable to complete. It’s for this reason that sometimes the highest bid might not be the most likely to result in a successful sale.
And don’t forget…
The important thing to remember is that a good estate agent will be on your side all the way, helping you to make a decision that will result in a successful sale and to simplify the process as much as possible.
That’s exactly what we at Matthews have been doing for more than three decades. If you’re looking for an estate agent you can trust to sell your Chester property, speak to our team today.