This has been major issue now a days in a market that somebody looking for bigger home than previous one that the buyer comes up with the condition that we will be selling his house or property first and then will be giving entire money for a property he or she wants to buy.
For Example: you have been trying for long time to sell your property and It’s been a few weeks or months when you have first given an advertisement of your house to sell online or through print media or you got in touch with brokers to sell. You have already shown your property to so many potential customers; however, no one has shown their interest in buying your property. Then, one find day when you have lost hopes and you were not expecting, you got a call from real estate agent whom you have got in touch few months back that they have a client who has seen your property and he is interested to buy your property and is planning to buy it. But now, there is a catch in the deal: apparently the buyer is short of liquid funds to give, and he can only give advance to you for your property, but for balance amount he needs to sell his own property first. If as a seller you have faced the situation like this, what would you do?
There are many choices of action you as a property seller, can always take. However, just to keep safe your interest, we would advise you to gently convey the buyer that are not able to put your property on hold until he has sold his property as there is no guarantee how much time that will take to sell property. You can just give me assurance that in case your property is not sold to anybody else in the market by the time his property is sold, he would get the first preference to buy you property at same conditions and pricing.
Many buyers of your property would be giving will be willing to give you with contingent offers but it might work to your disadvantage. Once you have accepted the buyers offer which can be any, you need to tell your real estate agent or through that real estate agent through which buyer has come about the offer. Any other potential Buyer or any real estate agent who will be having better buyer of your property will not be thinking of your property to buy or agent might not get you better client to buy your property. You will never get best offers from other potential buyers and from the market as people will come to know that advance has already been paid to you and the property is reserved to get bought.
Additionally , Any potential buyer who can afford to buy your property outright would always wait for previous buyer who has made you an offer to back out from the deal. Potential buyer would never waste their time to wait for your property but they will starting looking for other options to buy or invest in the market.
But Still, if you decide to accept the offer given by such buyer, Do not remove your house from selling list of the market as matter of fact you are unsure of the buyers capability to buy property in any limited time period or surely he will be keeping his words to do the same. You should always inform other potential buyers about the agreement done with the previous buyer. If the new buyer you are in touch with is serious about purchasing your property, this previous agreement will never be a problem in making offer to you for the property.
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Author: NIKITA DAGAR
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