Should you refuse a buyer with a mortgage?
Are you planning to sell an apartment? Then you should care about a large flow of buyers. Many sellers are unfavorable towards buyers who intend to pay part of the cost with a mortgage. In fact, refusing to cooperate with such buyers is completely unfounded. Moreover, it is more profitable for the seller if their home is bought with a mortgage in a number of cases.
Which forms of payment are more profitable?
A buyer can pay for housing in three ways.
* Cash. This is the ideal buyer. He has the full cost of the home already in hand. No parallel transaction is conducted, no loans are taken. This is a fairly rare phenomenon in the modern market, but it still occurs. Such a client is indeed worth holding on to.
* Cash after sale. Classic option. Many compare it with a mortgage acquisition and prefer it. In this situation, the client waits for payment of their transaction, which allows building a certain chain of purchase and sale. In this chain, one of the links can break, which will ruin your plans. However, if you look at the situation from the perspective that should be, apartment sales go smoothly, almost simultaneous signing of deals takes place, and then all documents are checked in the registration chamber. The processing time is about two weeks.
* Mortgage. When the buyer has already received approval for a mortgage, all that remains is to get the money and receive your home. Yes, the mortgage application process itself also takes some time, but then you will not find yourself in a situation where the client refuses the deal or cannot find the money to complete it. Moreover, the bank considers financing only one specific apartment, so the client cannot quickly walk away from the deal. An additional advantage of such a deal arrangement is a reduced registration period at the chamber. It decreases from 14 days to 5.
Thus, we can say that the presence of cash from the buyer is not always a great advantage. You should not go from one extreme to another and refuse to complete a deal just because the client has a different form of payment than you expected. Modern mortgage opportunities and the high response speed of private banks allow you to make a profitable deal even with the use of credit funds.
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