waiting for a contract that approaches your list price. Unlike wedding dresses, buyers don’t typically buy the first house they see; some don’t buy the 20th they see. Buyers want to sample the market and get exactly what they want. The process can take months, even years. But it’s unlikely it will take a week. Buyers who have searched extensively are harder to read. Long- time lookers have seen everything on the market and could, finally, be ready to commit. Or, professional lookers may be so impossible to please, or so indecisive, that they’ll never make a deal. If I had to put money on a likely buyer, I’d choose an international or out of state buyer or someone who must quickly relocate for a job. These people are on a time-sensitive mission, and they’re not messing around. They need or want to find a place fast, and they’re ready to make an offer when they see a property that approximates their dream home.
3. Are you prequalified by a lender?
Even if someone makes an offer on your property, it doesn’t mean he can afford it. That’s when it’s nice to know that a potential buyer is prequalified by a lender. But don’t mistake a pre- qualification letter for a preapproval letter. They’re vastly different, even though some lenders use the terms loosely and interchangeably. A prequalification is a process where, based on the information the buyer provides, a lender says he is likely to qualify for a mortgage up to a certain amount. This prequalification may not consider credit reports, income, assets, and liabilities. Hence, it’s not a mortgage “promise,” but an “indication,” and no guarantee that a potential buyer will be able to get the necessary financing to close the deal.
61
Powered by FlippingBook