Private Sellers Should Make Inquiries Of The Buyers Looking At Their Home

When a real estate agent makes contact with a buyer that would like to purchase a property, the realtor will make sure they have financing approval. They do this to make sure their client is credit worthy and they are approved for the mortgage amount required.

As a private seller, it is a good idea to ask the potential buyer a few questions. This can be done without sounding too intrusive.

Here is an idea of some questions that can be asked to determine where the relationship is going with this particular prospect.

1. Do you own a home now? If yes, go to question #2. If no, see #4.
2. Have you sold it yet? If yes, you have a good buyer assuming they qualify to purchase your home. If no, see question #3.
3. How long have you had it up for sale? What kind of action are you getting? Are you a private sale or listed with a real estate agent? The answers to these questions will determine the time frame of this buyer purchasing your home. They might be in a position that they can own 2 homes at once.
4. Have you arranged financing? If yes, they will know whether they are capable of financing your home. If no, you should have them contact a mortgage broker to get a pre-approval. This can be done quickly with a credit check.

A few simple questions can save a lot of time. Do not proceed with drawing up an offer until the buyer has talked with a mortgage broker. For the buyer that has not sold their home yet, you might have to entertain an offer conditional upon them selling it.

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