The phrase "The Right Buyer" is a common phrase used by an Estate Agent and simply means finding a buyer who is not only willing to purchase the property but also meets criteria that are important to the seller.
Here are a few reasons why finding the right buyer is important:
Financial Stability
The right buyer should have the financial means to complete the purchase without any issues. This includes having the necessary funds or securing a mortgage approval. Dealing with a buyer who is financially unstable or unable to secure a mortgage can lead to delays and complications in the selling process. We work closely with our recommended mortgage advisors to ensure all relevant checks are completed to qualify the buyer.
Chain check
A "chain" in Estate Agency refers to a sequence of buyers and sellers who are all dependent on each other's transactions. The right buyer is often one who is not part of a long chain of buyers and sellers, as this reduces the risk of the deal falling through due to complications elsewhere in the chain.
Timing
The right buyer should ideally be ready to complete the purchase in a timeframe that works for the seller. If a seller has a specific timeline they need to adhere to, such as moving into a new property, or needing the time and space to find the right property. Finding a buyer who can accommodate a sellers timeline is crucial.
Offer Price
The highest offer is not always the best offer, often there will be a reason why a buyer offers more, it could be they have a long chain and therefore a high risk option. Choosing a buyer which limits the risk at a fair and reasonable price can often be the safer option. At Royall Best we will always present our sellers with the facts and give our opinion on levels of risk with each option so a seller can make an informed decision.
In contrast, "Any Old Buyer" is an approach whereby finding anyone willing to buy the property, regardless of their financial stability, intentions, or other factors. A lack of attention to detail or foreseeing potential challenges can result in complications and time delays further down the line, ultimately there could be a higher risk of the sale falling through causing additional stress and dissatisfaction for the seller.
The goal when selling a house is to find the right buyer who can offer a smooth and successful transaction that benefits both parties involved.
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