Buyer types to Avoid
Selling a home is a challenging task. You can encounter problem buyers that can sap up your time and profits. Being familiar with buyer traits can put you in a better position when marketing your home and negotiating a sale.
The No Money Down Buyer
If you are looking for a smooth deal, think twice before dealing with a buyer who needs 100% financing to buy the home. It can often lead to problems in the loan process and is getting harder to qualify for in the current economic scenario. Even if qualified, the lender may shoot down the property appraisal, force you to lower your sale price or walk away from the deal. A pre-approved home buyer is highly motivated to buy. It is a confirmation that they are able to afford the asking price and helps close deals faster.
The Bully Buyer
Nobody likes a bully. A nitpicking buyer, they try to steal a better deal by inundating you with all things wrong with the house. And place a price tag or ask for a discount on every petty defect. Negotiation with them would be a nightmare. It is best to avoid the bully buyer.
The Sight-Unseen Buyer
An interested buyer generally visits a house before making a decision to purchase. These buyers tie up your house to take it off the market and make a decision later. They may place clauses that enable them to exit the offer easily if they do not like the house. An easy solution… just require people to set an appointment and actually visit the house.
The Bargain Hunters
If your house is priced correctly and is in good shape, you probably won’t encounter the ‘Bargain Hunters’. They are speculators and investors who don’t need to buy property, but are willing to do so if the price is right. These buyers seek out desperate sellers to get the best bang for their buck. And often make offers below market price.
Recognizing the problem buyers beforehand would save you time and money. Avoid them to move on to buyers who are less trouble.