So, your house is on the market and you’re ready to get moving. Potential buyers are strolling through your home admiring and dreaming……and possibly even making offers. But how can you be certain a buyer is truly serious? There are a few telltale signs….
- Serious buyers will already have a down payment ready and waiting. Anyone who is serious about purchasing a home is aware that they will need some type of down payment and/or money for closing costs. If you have a buyer that is very serious, you can be fairly certain that they have their ducks in a row, as well as a little nest egg waiting in a bank account.
- Serious buyers will already have their credit in reasonably good shape. Not only will these buyers have a savings account, but they will also be in good standing as far as their credit score and history goes. They will have already done all of the legwork necessary to clean up any unfortunate dings lurking in their past or pay down some of their debt in order to raise their overall score.
- Serious buyers will usually have a pre-approval letter. Don’t confuse pre-qualified with pre-approved. A pre-qualification is a letter from a lender that is written out based solely on the information the buyer has conveyed to the lender. A pre-approval, on the other hand, is information that the lender has actually verified, including income and credit. If you have a buyer with a pre-approval letter, you can be almost certain that they are ready, willing, and able!
- Serious buyers do not make lowball offers. From time to time you’ll run across investors or buyers who may even be looking out of their price range. You’ll know, as soon as your agent presents you with the offer, that it may not even be worth your time to work on a counter offer. Serious buyers will usually come in close to asking price, especially if the property is reasonable and comparably priced.
- Serious buyers will present the seller with a sizeable amount of earnest money with their offer. This is another way you can weed out the buyers who are just “fishing” from the ones who are really serious. Buyers who are anxious to move forward on your property will typically want to prove it to you.
If you are serious about buying or selling, call us for a complimentary consultation. Contact us here at the Scherer Team today. Call 888-300-4431.