One of the most intimidating parts for people who are attempting to sell their home on their own is determining if the buyer is actually qualified to buy.
It can be hard to trust someone that you have never met when attempting to work with them in such a huge financial transaction. This is probably the time where you feel you really do need an expert to help you. Don’t run out and give up! Here are a few questions you can ask in order to ease your reservations and give you peace of mind.
Have they already applied for a loan?
It’s safe to say that most likely, your prospective buyers won’t be able to purchase your home in cash. If they have applied for a loan, it shows that they are serious and planning for the time to come when they find the perfect home. If they have been approved for the loan, this can help reassure you that they possess the financial standing and responsibility to take on the purchase of a home. This puts a lot less risk on you as the seller.
Do they know their credit score?
When embarking on such a huge commitment as buying a home, the first thing a buyer should do is determine what their FICO credit score is. This tells you two things - one, is what their financial standing is. Two, it gives you an idea of their level of dedication and responsibility. The details and explanation of what a FICO score is can be found in my book.
Do they have an agent?
Another way you can tell if they are serious is if they have an agent helping them. This means they want to be as cautious and thorough as possible when deciding which home to buy. This is beneficial to you because then you have a 3rd party to work with and communicate with instead of the actual buyers. That way you can handle business with someone who is a trained professional and focus on making it as smooth a process as possible. The agent can be the one to formally bring you an offer, making it easier on everyone!
The most important thing to remember during this whole process is patience and communication. Buying and selling a home is a very stressful time for all parties involved so taking a few extra minutes to regroup when things get particularly heated can help keep the process moving along smoothly.
These are only 3 of many, many ways that you can determine if a buyer is qualified to purchase your home. I go into much greater detail in my new book “Before You Sell Your Home: How to Stay Sane, Save Money & Stay Legal”. Pick up your copy today and get your home on the market!
What other questions can you think of to ask a prospective buyer? Comment below and let’s talk real estate!