When you sell your property in Newcastle, you may be tempted to go for the highest possible offer, and why not? But the best offer may not always be the highest. Today we shall provide some solid tips that you can use to choose the best offer for your home.
Racking up several offers on your property is the best thing that can happen while selling your property. This gives you options to choose from and helps extract a larger profit. But there must be some strategy in place before choosing an offer. Some offers might look good at face value but you need to evaluate diligently to identify if that is the right one. So keep reading and find out how to choose the best offer for your Newcastle home.
Consider the Actual Profit:
As you consider an offer, you need to identify all the costs you can expect to incur before the property is finally handed over to the buyer. Deducting this amount from the offer price shall give you a correct idea regarding the actual profits you may see at the end. These costs can be manifold. You can expect to incur closing costs of 2% to 5% of the offer price. There are repair, maintenance, tax, utilities, and upkeep costs until you hand over the keys. You may need to make repairs before the house is put up for sale and after the buyer has inspected it. If you leave furniture behind, deduct some costs required to replenish them. This is why the highest offer is not always the best as that buyer may also ask for costly repairs which, in the end, will eat away your profits. Directly selling to We Buy Homes North East is always a solid idea as you do not have to worry about closing costs, maintenance, and repairs.
Sell Quickly to Eliminate Holding Costs:
The longer your house stays in your hand, the more costs you incur. A faster close of the sales process saves you from all of those costs. But the traditional sales process of Newcastle houses involving agents and listing companies can take up to 6 months. This means 6 months’ worth of insurance, taxes, utilities, maintenance, cleaning, mortgage, and other expenses to be paid by you. The longer the timeframe, the more the costs compound and eventually can run up to thousands of pounds. But the offer price on the house will not include such expenses and you will be losing out on potential profits. Selling to We Buy Homes North East, on the other hand, ensures that the sale can be closed in as low as a week. This will save you from all of those holding costs.
Examine the Buying Process:
Cash buyers are usually easy to work with as they do not have to wait for bank approval for a loan. Usually, cash buyers close the deal fast as there is less red tape involved. Getting a loan approved can take considerable time which compounds the holding costs problem as illustrated earlier. The worst-case scenario is waiting for bank approval and then the bank pulling the loan due to not finding the appraisal high enough. In such cases, you waste precious time and the deal does not go through. Hence you should always give preference to buyers who have pre-approved loans. Also, note that pre-approved and pre-qualified are not the same thing. The better alternative is to sell to We Buy Homes North East in Newcastle as we always have funds available and can close the deal quickly without any hassles whatsoever. As there is less red tape involved and the paperwork is handled by us, you can simply close the deal and count your profits.
Qualify the Buyers:
You might have a lot of emotional attachment with your house and want to sell to a buyer who would love and care for it the way you do. Hence you need to find out what the buyer’s intent is before you close the deal. Do they want to live in the house or do they want to demolish it and build something better? Or rent it out maybe? Whatever the case is, it is important to qualify the buyers thoroughly and find out someone who you think will utilize the property the way you envision. Hence a higher offer does not mean automatic acceptance. Your Newcastle house deserves a quality buyer.
As the above tips illustrate, to choose the best offer for your Newcastle house, you need to consider the timeline, buyer intent, buying process, and, the profit before making a final decision. The amount of money being offered is important but is not the qualifier for your decision. In case you are looking for alternate ways of closing the sale fast, securely, and with considerable profit, do reach out to us.