How can sellers avoid flaky buyers?
This week’s sales piece looks at how to spot the signs that a buyer is genuine.
It’s every seller’s worst nightmare. You’re on the cusp of finalising the sale of your property when your buyer gets cold feet and runs for the hills.
Just like that, your plans go out the window. If you’re part of a chain, the whole deal could collapse, meaning you need to find a new buyer for your property and a new place to buy.
And it’s even more frustrating if you had several offers on the table but opted to go with a buyer who was adamant that your home was ‘The One’ for them.
So how can sellers avoid this sad scenario and recognise the committed buyers from the chancers?
While no sale comes with an ironclad guarantee, here are four signs that your buyer means business.
1) Still wants in after a second viewing
It’s great if a buyer makes an offer at the first viewing, but you need to be sure they’re not just getting carried away in the moment. Always arrange a second viewing so the buyer can take another look at what the property offers. These viewings are also a good opportunity for your agent to quiz the buyer about their plans and motivation.
2) Knows what they want
You’re looking for a buyer who knows the area and wants to move there for a reason – such as the schools, family connections or access to transport. A buyer with vague search criteria may still be figuring out what they really want. That means they could decide your property is just right for them – until they see something else a few weeks later and change their mind.
3) Is organised
A committed buyer has researched the local property market and knows how much they can afford to borrow. They already have a mortgage-in-principle and a solicitor, details of which they should be able to share with your agent.
4) Keeps you in the loop
If a buyer is genuine, they’ll be eager to keep you informed of progress on surveys and paperwork. That’s because they’re just as worried about the sale falling through as you are.
At Shaws Kensington, we have an extensive database of committed buyers looking for their perfect home. Contact us to arrange a free valuation of your property.