You want to take some time to vet buyers before selling your home.
We’re in a blazing-hot market right now, and it’s incredibly easy for sellers to make a fantastic profit on their home sale. However, I’ve seen that some are pulling the trigger a little too quickly and unintentionally causing the deal to fall apart, so today I’d like to talk about the approach sellers should be taking.
We’re seeing a lot more canceled escrows than usual, and it’s due to things like buyer’s remorse, problems with qualifying, and more. A lot of this is happening because things are going so fast, and here’s an example of how it occurs: Let’s say a home is listed on Thursday. The seller and their agents will have showings over the weekend and ask for all offers to be submitted by Monday at noon. This sometimes works but sometimes doesn’t.
More important than the buyer’s offer, price, and terms is the buyer’s motivation. You want to be sure that they’re willing to close the transaction, regardless of what happens in escrow. You want to be sure they’re financially qualified to buy and that their lender is responsive and can make things happen when problems arise. The buyer’s agent is also important to consider—if they’re inexperienced, a lot of issues can pop up in escrow.
When we’re choosing a buyer, we’re looking at everything—pricing, terms, motivation, financing, lenders, and agents. When you sell a home over a weekend, it’s impossible to adequately research all these different variables.
I understand the excitement of getting a great offer, but it’s incredibly important to make sure the transaction won’t fall apart. Don’t be so eager to accept an offer right away and lock yourself in; instead, do your due diligence and cover your bases. By waiting, you’re also giving your listing more time to attract the perfect buyer later in the week.
If you’re ready to sell your home or if you have any questions about our market, feel free to reach out to me. I look forward to hearing from you soon.