Someone Wants to Buy My House: What Next?  

Given the nationwide situation regarding COVID-19, selling your house fast had become one of the toughest markets.  This is why sellers are often meticulous regarding the reliability of the buying process of house. The most important reminder to take note of when faced with cash or loan offers is to determine the intention of why the house is being sold in the first place. Through this, the seller would find it easy to distinguish what offer he will accept and willingly negotiate with.

If the dilemma is what’s the next step once receiving a client, the seller must be able to know what are the terms and conditions he has and is likely to bargain. To start it all off, here are a few guidelines on what to do next when the selling house attracts clients:

Know the Mode of Payment

This is relevant when it comes to entertaining clients. The seller has to be direct and informed as to what kind of transaction the potential homeowner has. There are two options: cash or mortgage.

Determination of the mode of payment needs to be established at the beginning in order for the seller to know if this is convenient for both parties. If the seller’s concern is time – there is a high possibility that he will lean more onto a cash offer. 

Learn the Home Buying Process

Whether cash or mortgage, both modes differ on how to purchase the house. 

Mortgage

When it comes to loan offers, the typical process involves a middle man. This middle man is the bank or lender that will appraise the home and will shoulder the payment for it. Having a pre-approval usually slows down the processing of the deal. It takes about 30 to 45 days to get approval from the bank. This is without a guarantee that it will be approved, depending on the seller’s house condition. You can opt for a joint borrower sole proprietor mortgage if you want to get a higher chance of loan approval.

Cash

A cash offer is very straightforward in closing on a house. Since there is no middle man to require an appraisal and inspection, the seller can be at ease that if the negotiation and the house condition is appealing – it will definitely be a done deal. Cash offers frequently take about a week or two to process. So, if the seller’s concern is an urgency to market the home, a cash buyer is the one to be entertained. 

Private or Non-Private

If the buyer will be paying in cash, it could be either private or non-private. A private buyer indicates an entity that is willing to make a home purchase without any help from a real estate agent. This is often tricky for sellers since negotiating is often done by professionals (like listing agents).

However, it has a great advantage to the buyer secondary to reduced fees and no interest rates. This could also help the seller to directly ask the buyer about terms and conditions without the hassle of relaying it first to an agent. 

A non-private buyer, on the other hand, is an individual that has their own listing agent. This also has the advantage of great bargaining and smooth transaction but could take a little longer since the details are not directly given to the cash buyer. Although both types can still close on a house faster than loan offers.

Assess the Pros and Cons

Once the seller finally gets a hold of the mode of payment, the home buying process, and whether if it’s private or non-private, it is suggested to weigh down if the buyer is suitable to the seller.

If the seller wants the house to be sold regardless of the payment mode, then the compatibility would not be a problem. However, if time is a subtle criterion, a cash buyer may have been the best option to consider. Tallying down the positive and negative would greatly contribute to making a decision regarding the house. 

Accepting reliable buyers can be as difficult as finding the right one; hence why it should be given much attention and ample amount of time to process. This is to prevent hassle and misunderstandings with the buyer when closing a deal.

When a house buyer is willing to buy the house, all the seller needs is to follow these guidelines; in negotiation, taking considerations of the buyer and weighing it with the property’s values and assets should do the trick. In this way, both parties benefit from the closed deal transaction.

Furthur Reading:

• 5 Tips for Hiring the Best Property Manager for Rental Home
• A Guide to Investing in Private Property in Singapore