Use Caution When a Buyer Makes an Offer

Sept. 7, 2011 - PRLog -- Fast Home Sale - Washington DC: As difficult as it seems to sell a house these days, you’d think that any offer from any buyer would be a good thing. That’s the point of selling, right? If you get an offer from someone who is not qualified for a loan, however, you can waste a lot of time going through the process necessary to get the house sold and end up with a broken deal in the end. That puts you back to square one with your house having been ‘off the market’ while you dealt with the potential unqualified buyer.

With so many homes for sale today, when a buyer comes across a house that is potentially sold or ‘under contract’ it’s most likely that they won’t want to wait around to see if your buyer qualifies so they can be next in line. Buyers will usually just move along to other offerings. In a buyer’s market there isn’t any reason for them to get in line for your house if you’ve already had another offer on it.

One way to avoid this problem is to ask that your buyers put down earnest money where applicable and can show a letter of pre-qualification or pre-approval from a lender when they make you an offer. This will be much safer for you if you have limited time and need to sell your house quickly. That shaves off lots of uncertainty throughout the process. If a qualified buyer can get the loan, you have the biggest unknown factor out of the way and can concentrate on specific terms and dates for closing, etc.

As much as you would love to believe that anyone interested in your house means a sale at long last, don’t be too quick to fall into the feeling that you are finished with your quest to sell. Far too many sales have turned into heartache when the process is almost complete, only to find out that the buyers can’t get a loan no matter where they look for one.

Desperate to sell, you might be tempted to make the same mistake and assume that when someone makes an offer they know they can follow through. Home ownership is so desired by some that they jump the gun and make offers before they know for sure that the tougher loans these days will be available to them.

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