How do I weed out bad buyers?

Answer:

You need to be especially careful when you are selling your house yourself.

How do I weed out bad buyers?

Don’t waste a lot of time on an unqualified buyer. It all comes down to financing. Either they can get it, or they can’t.

Is the buyer pre-approved?

One of the best ways to separate the wheat from the chaff is to make sure that potential buyers have been pre-approved for a loan.

Call the lender and verify the buyer’s lending status.

You will need the borrower’s name and basic information as well as the loan officer’s name and NMLS number.

Pay careful attention to the contents of the letter. It should include the loan approval amount and a statement that the buyer has completed the application process.

One thing that often confuses sellers is that the term pre-qualified and pre-approved are often used interchangeably.

Click here for more information on the difference between pre-qualified and pre-approved.

If asking potential buyers for their letter or calling a lender makes you slightly uncomfortable, maybe you should consider upgrading to full representation.

That way, we represent you, tackle the contracts and work through all of the negotiations.

Click here for more information on Full Representation.

Do NOT use an FSBO sign!

Another way to protect yourself from wasting time is to make sure you don’t look like a FSBO (FOR SALE BY OWNER).

If you use a FSBO sign, you will get a lot of low-ball offers and requests to finance the sale because the buyer cannot qualify for a loan. Both of our packages include a sign, so why would you bother with an FSBO sign anyway? All it does is attract potentially unqualified buyers and create confusion.

Click here for more information on RED FLAGS to avoid.

 

By | 2015-04-15T03:03:52+00:00 April 15th, 2015|Contract Questions|