Potential Buyers You May Come Across in Memphis
Getting ready to sell your house? Finding the right buyer can be complicated as there are many different types of buyers in Memphis.
As cliche as it may sound, it is important to find the right buyer for your needs. If you choose a buyer who isn’t serious or committed, this can cause the sale to fall through at the very end, and then you are back to square one; finding a new buyer.
We will go over some of the potential buyers that you may come across, and what to watch out for with these specific people.
First Time Home Buyers
These buyers are usually young people or couples looking for the cheapest best deal. They are always very indecisive and will not make a quick purchase.
Since they are young, they have a higher chance to be denied by a bank because of lack of experience with credit. Watch out for these first time home buyers. They deserve a home, but since you are looking for a quick sale keep in mind the risks. Zillow says that more than half of first-time buyers’ sales will fall through.
Long-Time Home Buyers
This type of buyer is nice because they are serious about purchasing a home. However, they may be picky.
The problem to look out for is that because they want to stay in the home forever, they are going to expect perfection. The house is going to need to be perfect and fit exactly what they want and need.
They will be firm and needy. They also may take a long time to decide, but if they love everything about your house this can benefit you.
On the other hand, if they only see potential and they aren’t completely happy with the home, they will demand expensive repairs and renovations, and then they could fall through on the sale at the end.
These buyers generally struggle with credit, but they want to own a house of their own. You will need to ask yourself if you want someone with a bad credit history, making you their creditor.
It can be an awesome investment earning all the interest on the home. Just be careful when making the decision of becoming their lender. Find out why their credit is poor before moving forward with anything.
If they struggle with income and make late payments, or they fail to make payments at all, it will be hard for you to be able to penalize them since you are not the bank. You may have to evict them, which means you are back to square one: selling your house.
This is a for sure sale. Cash buyers are in and out and fast is the goal with these buyers. They have the funds in hand, ready to go. They will come to your house and make you a guaranteed offer. If you accept it they will give you the cash in a fast seven days.
Another advantage with cash buyers is that they purchase every house as is. You won’t have to make any expensive repairs or renovations.
Since they already have the money waiting for you the sale is guaranteed to go through. This is the fastest selling option and one that you may want to consider.
If you want to sell your house the quickest and cheapest way possible, then do your research. The traditional selling methods take time, and they may cost you more than it's worth. No one wants to sit and wait for a buyer, just for it to fall through in the end.
If this doesn’t sound like something you want to deal with, then working with a cash buyer is the perfect solution. A cash buyer will get you the quick sell you need. Here at MemFixerUpper, we do just that and we want to help you. Feel free to call us today at 901-437-0154. We want you to feel comfortable about working with us!