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Today, we will discuss six questions a seller should ask before they get swayed by a buyer’s emotional appeal. Check them out below!
- Does their price meet your goal? You want to look at the amount of money you will net after paying commission. We’re excellent at pricing strategies, and we’re able to create many multiple offer situations. That can help drive up the sale price of the property.
- What are the terms of the contract? Price is important, but so are terms. Let’s say your home is on the market for $500,000. One person is putting down $490,000 in cash, and the other is offering $500,000 but they need to get an FHA loan. FHA loans can be difficult to get, so you might be better off accepting the $490,000. You should also pay attention to other terms, such as the closing date, when deciding which offer is best.
- Is the buyer likely to close? Are these people really worth what they say they’re going to pay for your home? In other words, does the buyer seem financially stable enough to close on the deal? You want to make sure that their debt to income ratio is good, and that the buyer’s broker has advised them against making major purchases after they go under contract. Sometimes a buyer looks like they are set up for financing, but then they buy a BMW before you get to the closing table and kill the transaction.
- What is the size of the down payment? The more money a buyer puts down, the more likely the deal is to close. A larger down payment is always a good sign for you.
- What is their reaction to inspection issues? Every home inspection reveals some sort of surprise, so that buyer’s reaction is important. Sometimes repairs can be negotiated, but sometimes buyers will panic and terminate the contract.
- Can we get a backup contract? We are always looking for the next best offer in case a deal falls through so your home doesn’t sit on the market for a long time.
A good broker should make sure their buyer is prepared for all of these questions. As a seller, you need to ask these questions so you don’t get swayed by a buyer’s emotional appeals.
If you have any questions, give me a call or send me an email. I would be happy to help you!
