When the time comes to sell your Calgary home, there is more to selling than simply staging the home. Choosing the right buyer is just as important. A good buyer will help ensure the process of selling your house goes smoothly. Failure to select the right buyer could lead to home selling delays or even a canceled purchase contract. Here's what you need to know.
Know the Warning Signs
Home buyers tend to follow a pattern. Good home buyers send their paperwork promptly, ask for what is fair and not more, and work with a real estate professional. Uncooperative home buyers will display warning signs that stand in stark contrast to good home buyers. For example:
Ask for Extra Contingencies
The contingencies are clauses in the home buying contract that enable the buyer to back out of the purchase without losing their earnest money. If your home buyer is asking for extra contingencies that other buyers do not normally use, this could be a sign that your buyer is having a hard time committing to a property.
Errors on the Home Purchase Agreement
The home purchase agreement should be clearly laid out and error-free. If the home purchase agreement is missing information, or if the information on the agreement is incorrect, this could be a sign that the buyer doesn't know what they're doing, or that the buyer's real estate professional also doesn't know what they're doing. This could lead to delays throughout the home purchasing process.
Really Low Offer
It's frustrating for most home sellers when the offer they get is very low. A very low offer could be a sign that the home has been poorly priced, or that the home buyer has very limited resources.
If the buyer has limited resources, they could run into problems getting approved for a mortgage. Even if the buyer is able to get approved for a loan, they may still ask for many home improvements, because they won't be able to afford them after moving in. Either way, a very low offer is a problem for the seller.
Know When to Reject an Offer
It's exciting to get an offer on a home. Many sellers are tempted to accept the first offer they get because they're afraid that there won't be another offer, or the next offer will not be as good. This is when it's important to work with a real estate agent.
A good real estate agent will be able to help the homeowner determine whether an offer is worthwhile. If the offer is not good enough, the real estate professional may recommend that the homeowner reject it. Sometimes, all it takes is patience to succeed in a real estate transaction. Rejection of one offer could lead to a better offer, just given a little time.
Real estate agents are also trained in the art of negotiation. If an offer is too low, or the number of contingencies unreasonable, the real estate professional can help the homeowner decide whether it's worthwhile to negotiate a better offer.
Work With a Real Estate Professional
You can avoid a problematic East Calgary home buyer by working with a real estate professional. A good real estate professional will know how to avoid a problem by identifying the warning signs. If you're a homeowner who is thinking about selling your home soon, contact an experienced real estate agent in your area to get started today.