Potential Home Buyers

In The Beginning...
So you have decided to sell your home without the help of a real estate professional. I have seen many successful for sale by owner's close on their home and receive funds from the buyer. I have also seen many for sale by owner's go from excited that they have their property “under contract,” to frustrated that they are now back to the basics with the for sale sign on the corner of the street. How could this happen? The buyer is going to be the person that gives you the money for your home! Anyone can submit an offer to purchase your home, but not everyone can actually afford it. Your home is a very significant asset; do not give any leeway with any of these buyers:

              • I'm the buyer that showed up in the nick of time (just before you were               going to call a real estate agent to list your home) and wrote you a very               strong offer.
              • You're my relative Mr. Seller, you know I really love your home...I will               close on it in 30 days, I promise!
              • Don't worry about a thing Mr. Seller; my real estate agent will take care               of all the details involved.

This list goes on and on, but the point is that you must heavily screen any potential buyer that might sign a legally binding contract.

Get to Know Your Buyer

This is an absolute must. The more familiar you and your buyer are with each other, the more information your buyer will be willing to give you. You should ask questions like, where are you from, how long have you been living in this area, do you currently rent or own your own home, is your home on the market right now, what is your motivation for moving, where do you work, how long have you worked there, is this your first time buying a home? Some of these questions will give you a better feel about the potential buyer and may even give you some insight into how important this particular home is to them.

Potential Home Buyers Page 2