In this two-minute read,
we look at ways sellers can identify genuine buyers.

With demand currently outstripping supply in the
housing market, sellers are in the driver’s seat, but there is still one hazard
that could derail a sale: the flaky buyer.

In a hot market, it’s not uncommon for panicky
buyers to make an impulsive offer or go beyond their financial limits.

A buyer might do this because they fear that prices
are rising and the market is getting away from them. Or perhaps they’ve been
outbid in the past and don’t want to lose out again.

Whatever the motivation, the result is the same: the
buyer isn’t committed and drops out weeks or months into the sales process.

Not only is it frustrating for the seller but it could
also cost them financially if they’re part of a chain which then collapses
because the parties involved grow impatient.

Here are some tips to help you identify genuine buyers.

- Arrange a
second viewing. If the buyer makes an offer after the
first viewing, your agent should arrange a second visit to see if they are
still as keen as mustard. The buyer should be quizzed about their plans for the
property to see if they’ve thought through the purchase.

- Do the admin. Ensure
your agent gets the buyer to fill in an offer form that includes details about
their mortgage provider and solicitor. It’s preferable to go with a buyer who
already has their ducks in a row.

- What’s the
story? Chat to the buyer about why they are moving. If
they’re expecting a baby and have family in the same street, it’s a fair bet
that they’re the real deal. If they know little about the area or their story
keeps changing, question if they are committed to the sale.

- Ensure the
lines of communication are open. Ideally, your buyer will
keep you informed of their progress on the survey, searches, and chasing
solicitors. Be wary if things go quiet quickly.

- Work with an
experienced agent.Even though it’s a buyer’s market, a
good agent can streamline the process for you. They’ll be good at spotting the
genuine buyers from the chancers.

For more advice about
selling your home, contact us here at CWB Property.