Evaluate The Buyer

Evaluate The Buyer

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Accepting an offer can be risky. Be sure you have the right buyer.

Potential lost time and lost money can happen if the buyer is not able to close or becomes unwilling to close. Once you commit to a contract, you want to have high confidence that it will close. The minute you take your house from “active” to “contingent” (you have accepted an offer), the MLS will reflect this and agents with hit the "off switch" for showings. Showings will usually stop immediately, which can be costly to you in lost marketing time in the event the deal falls through. 

Buyers come in all shapes and sizes. Some are better than others (more likely to help you reach your goals). How do you know how to tell that you have a "good buyer" offering to buy your home?

Here are some items to discuss with your agent. 

Is the buyer: 

  • making an offer near, at or above asking price 

  • represented by a buyer's agent 

  • pre-approved

  • pre-qualified only 

  • requesting a due diligence addendum 

  • using a VA/FHA loan 

  • using a reputable, local lender

  • the only buyer making an offer 

  • asking for help with closing cost

  • asking for repairs

  • asking for credit for repairs

  • an investor

  • requesting anything out of the ordinary, such as a pre-close occupancy agreement 

Also ask: 

  • how much earnest money is offered 

  • does the buyer have a home to sell before he or she can close on your home 

  • does the buyer's requested closing date meet your timing needs

  • has the buyer previewed the property personally or is the buyer using a representative

  • if there is more than one buyer involved, have all parties previewed the property

Contracting with a buyer is just a little like getting engaged. Who the buyer is, from their ability to purchase to character traits, will make a big difference to you as you head down the aisle to the closing table.

The chances are your agent has done a lot of pre-contract counseling before. Listen to what he or she has to say about the buyer. Discuss the pros and cons about the buyer before making a decision to accept an offer or counter an offer. 

One important caveat: stay well away from any type of buyer evaluation that hints of discrimination of any protected class. Not only is this illegal, but it is also irrelevant.  Look only at the things that actually matter such as the items listed above.

When you are ready to sell or buy, give me a call!

Chris DeLoach

843-270-1272

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Chris DeLoach Headshot
Author:
Phone: 843-270-1272
Dated: June 26th 2018
Views: 27
About Chris: Serving Charleston buyers and sellers since 2001 Buying a home – or selling a home – can be o...

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