subject: How To Find The Most Qualified Buyers When Selling Property [print this page] Remember the first time you bought a house? Did it seem like the process took forever? Now that you're thinking about selling your house this is a good time to recall that the process can be rather time-consuming, which will hopefully keep you from experiencing frustration as a seller. Your goal is to close a sale transaction, and that only happens at the end of the lengthy process that begins with finding a buyer. Keep the closing process in mind when you start marketing your home and you will genuinely save time and increase efficiency. The key consideration to keep in mind when you are looking for your buyer is that you want a "qualified" buyer, which means someone who is able to qualify for a mortgage loan or who has sufficient cash to close the sale without borrowing money.
When you find a qualified buyer you'll still need to complete the necessary title work but won't have the long, frustrating wait if your buyer is pre-approved for financing. Now, these terms can be pretty confusing, so keep in mind that pre-qualification is not the same as pre-approval. Be sure you understand the difference, and that you remember a buyer's status can change immediately if he or she purchases a new car or uses credit cards excessively between pre-approval and actual approval. In other words, be cautious and take care when you hear that a buyer is pre-qualified or pre-approved. Cash is always good!
So, you're not looking for any buyer, you're looking for the right, qualified buyer when you're selling your house. If you're listing your house, insist that your agent inquires about the pre-qualification , pre-approval or cash position of all prospective buyers. If you want to sell your house "by owner" you will have to handle those questions yourself, which some people find to be a little awkward. Over the years I've been buying and selling houses I've grown completely comfortable talking to prospective buyers about how they will expect to finance the house, but I often require them to provide proof.
I ask to see bank statements or letters of pre-approval signed by their lender when necessary. It's easy for me but might be a little awkward for you when you're selling your house. Just remember that all the time you spend in the beginning to find a qualified buyer will save long waits and possible frustration through the closing process.
by: Leo Kingston
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