Two of the basic questions home sellers ask most often are “How quickly?” and “How Much?” The answers to “How quickly can you sell my property?” and “For how much money?” greatly depends on local real estate market circumstances and on arrangements you, the seller, make prior to putting a house on the market in order to receive property offers. To assist you in better navigating the real estate process, we have compiled a list of essential steps for home sellers to facilitate the property offers process, including negotiation and handling.
Property Offers: Discover How to Deal
Property Offers: Once a property offer has been made, your estate agent from ARENCORES will carry out payment and agreement forms on the buyer and then inform you both verbally and in writing of the details.
Whether or not you accept an offer is your decision. However, your estate agent will be able to provide you guidance and supervision on whether they feel there is a realistic opportunity to negotiate. The property selling process is a stochastic and complicated procedure. Therefore, any negotiating may require meaningful discussions between you and your estate agent, and likewise between your estate agent and the prospective buyer. Do your best to make yourself available for calls and always respond to the emails from ARENCORES as any delays at this point could have a negative impact on the potential sale or to the latest property offers.
If you have several property offers you should consider the position of the buyer as well as the property proposal itself. Estate agents will regularly ask the buyer questions to evaluate suitability and sincerity and help make a decision on how ready they are to follow through with their offer.
Property Offers from Buyers (Conditions and Types)
ARENCORES implement a set of tools and methodologies to ascertain and determine which of the following conditions and types describe the potential buyer:
- Cash or unencumbered buyer (free and clear of any encumbrances, such as creditor claims or liens): These are attractive and reliable buyers, as there are fewer obstacles that could delay or cancel the property selling process.
- First time buyer: These buyers are not within a property chain, so they are less dependent on external influences, First time buyers are always an excellent choice as they have no lengthy property chain trailing behind them. Moreover, because of the international lending rules and flexibility for the first-time buyers many are ready to get off the fence to buy property.
- Property on market under offer: This type of buyers are at an advanced stage in selling their existing property so should be ready to move in short time.
- Property to sell on market: These buyers are also in the process of selling a property, so the sale of their property might affect the onward chain.
- Property solicitor appointed: Buyers who have already appointed a property solicitor will usually be able to proceed quicker with the transaction.
- Retail buyers: This is the average home buyer who is in the market to purchase a primary residence (family buyers, young working couples, first-time or retired buyers). Retail buyers are buyers who have access to finance or enough money saved up to purchase a property for cash. As the large majority of these buyers will require financing, an important aspect for this type of buyer will be the home’s price and their level of affordability. Features that will be important to them will be easy accessibility and amenities such as schools, medical facilities and shopping centres.
- Fix-and-flip investors: Fix-and-flip investors are normally full-time property investors looking for property that is selling substantially below the market average. This type of property investor will be looking for a property in need of renovation that they can restore and sell in a reasonably short period of time for a return on investment.
- Hybrid buyer: These buyers are not full-time property investors but they have enough cash or a large deposit and good credit records. These buyers typically wait for the property market price to drop or for a really good deal to come along before they make an investment. They generally prefer properties that don’t require renovations.
- Property to sell not on market: These buyers might be just looking for opportunities, or are yet to begin the property selling process.