Even if you get a firm offer on your house, it’s still important to know who is buying it. You may think “Why? It’s firm. They have to close.” But in 2017 a lot of people backed out of their deals because by the time they went to close their house was actually worth less money than when they bought it. They were willing to risk losing their deposit and getting sued.
So, what do you need to know about the buyer? Well, first of all, even though they may not have a sale of property condition in the offer, they may have a house to sell. You want to make sure that the house is sellable. Is it in a good location? Does it show well? Is it going to be priced right? Do they have a good realtor that is going to be selling it?
Secondly, it is really important to know about the buyer’s financial stability. Are they self-employed or do they have a job with a company? How long have they lived there? Have they been pre-approved? Have they handed in all of their documents? All those things are important.
Thirdly, what does the person want to do with your house? Are they gonna be renting out? Are they gonna be living in it? Are they gonna tear it down and redevelop it? If they’re tearing it down I’d want to know if they have done their due diligence with the city.
When you get an offer with no conditions it is really exciting, but it’s still important to know everything you can about that buyer. So how do you find out those answers? Get your realtor to dig for information!
Thinking of selling or have questions about listing your home? Contact us!