Home Selling Process: Part Six: Qualifying the Buyer

Part Six: Qualifying the Buyer:

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 lenders and the buyer's REALTOR®. I, in the meantime, need 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 commitment come through? What conditions are on it? Has the appraisal been done? Are there any repairs needed, etc.

Remember- this may be only one of 30 deals the lender has this month- but the only buyer you have. It is my 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 a buyer wants to close the sale contingent on selling his or her current house, include a kick-out clause that allows you to back out of the deal within 72 hours (or better yet 24 hours) if you receive an offer that does not contain contingencies.