When you put your home up for sale on online estate agent listings, you can expect to get offers from a variety of buyers. There are essentially three types of buyers:
those who intend to pay with cash outright; those who will be paying with a loan (often from a mortgage); and those who need to sell their house first to get the funds to pay for your home.
While homebuyers who can pay upfront with cash sounds like a very good deal, they might be able to negotiate a lower price, knowing that you would prefer to make the sale where there is a high degree of security and certainty from their offer. Remember you need to get assurance from their solicitor or accountant before you accept their word that they indeed do have the cash to purchase your home.
Extending a Mortgage
At times, an existing homebuyer will extend a mortgage on an existing property to get the money needed for a deposit on a new property. This could involve them getting a larger mortgage on the new home than they actually need. Homebuyers going this route will have two mortgages for a while, but if they can work with that, it is an option of getting the funds to purchase your home (their dream home).
Buyers Who Need to Sell Property First
This represents a typical situation; however, you should proceed with caution because many a deal fails to come to fruition when a want-to-be homebuyer cannot sell their existing home in a timely manner to accommodate the purchase of your home. If you have time to wait, then so much the better for this situation because it may take some time before you are able to exchange contracts.
Be ready for a variety of offers and options from homebuyers
interested in purchasing your home. A number of scenarios can work if everything falls into place, according to the schedule that you need to finalize the purchase of your home.