How To Pre-Qualify Your Buyer

As the real estate market stays hot it’s not uncommon for a seller to received multiple offers on their house the first week on the market. One of the more important things a seller needs to look at when making a decision on a buyer is the strength of financing for each buyer. The highest offer on a property means nothing if the buyer is not able to close on the deal. You may consult your real estate services agent when you are evaluating the offers you received for your home. Your realtor has the experience and skills necessary to make an informed decision in every stage of the selling process.

So what are some of the key indicators when deciding if you have a strong buyer in hand payroll confidentiality. Below are some of the common things we look at when making a decision on a buyer in a multiple offer situation.

Pre-Qualification Letter. Any time a buyer makes an offer it should include a pre-qualification letter from a their lender. We always like to call the lender to double check to see if the buyer has the capability to close with the conditions stated on the contract.

Contingencies. The less contingencies the buyer’s offer has the better. Most offers will include a financing, building inspection and appraisal contingency. If they are willing to remove any of these contingencies then you know your buyer is extra motivated to purchase your house.

Closing Date. The quicker your buyer can close the more attractive that offer should look. If they are willing to close fast then that means they have their ducks in a row which should ensure a smooth closing.

Buyers Agent. We always like to feel out the buyers agent that is representing the buyer. If they are asking a 100 questions and come off like they are going to be a pain to work with then you may want to stay clear of these buyers. Agents can be great but sometimes they over step their boundaries and can make the closing process a headache.