Pre-Qualifying Potential Home buyers
If you are selling your house For Sale By Owner, or otherwise known as a FSBO, you are going to need to do a little bit more than invite the buyers over and show them your house. After you have talked to the buyers awhile and broken the ice, it is time to ask some qualifying questions. It is amazing just how many questions people will answer if you remember to ask them.
Most buyers are sincere about wanting to buy a house if they call on it. Unfortunately, lots of home buyers you talk to will not be able to qualify to buy your property.
You don’t want to waste your time and energy dealing with buyers who will not be able to buy the home even after falling head-over-heals in love with it.
You will need to ask some qualifying questions. Don’t be shy about it.
- When are you planning on moving?
- Do you need to sell your present house? Is it on the market now? Have you recently accepted an offer?
- Do you have a lender you’re working with? Has the lender pre-qualified you for a loan? (If they do, get the name and phone number of the lender and ask the buyers if you can call them)
- If you decide you like my house, do you have funds available to make the down payment? How much?
- If they have not been working with a lender. Before you come by to look at our house we would like to have you talk with our lender. He can help you determine what type of loan would work best for you. Can we have him give you a call?
Just by asking these few questions, you will be able to get a good idea of their motivation, and their ability to purchase. I would be happy to talk to any potential buyers for you and make a preliminary determination of their ability to buy. If they don’t have any money for a down payment or they are “just looking”, there really is no need to show them your house.
Years of experience have shown me that people know when they are ready to buy. Motivated buyers will answer your questions honestly. Unmotivated buyers will tend to hedge and give vague answers. Also, listen to your gut reaction. It can be most helpful.