Qualifying the Buyer Helps Us Help You!
The NAR (National Association of REALTORS®) conducted a study and found that only 4% of people who come to see your home, are ready, willing and able to buy. It is critical to know we are dealing with a qualified buyer before we sign any type of agreement.
Once an interested buyer is located, they need to be qualified in the following terms: financial ability, buyer wants and buyer needs. This is not something you will be responsible for - it will be up to the mortgage lender and the buyer’s REALTOR®. Your REALTOR®, in the meantime, needs to be on top of every detail for your sake. Anytime there is a call or contact, many details need to be discovered. Has their loan/mortgage commitment come through? What conditions are on it? Are they selling their current home? Is this going to affect possession?
Has the lender appraisal been done? Are there any repairs needed, etc. Your REALTOR® must be on their toes. Remember this may be only one of 30 deals the lender has this month – but the only buyer you have. It is the REALTOR’s® duty to make sure there is an open line of communication at all times to ensure that everything is done. You must also watch out for contingencies that could cost you time off the market. If you accept an offer where a buyer wants to buy contingent on selling his or her current house, include a clause that allows you to back out of the deal within 48 hours if you receive an offer that does not contain contingencies.