How would you like to sign a sales contract with a prospective purchaser, then learn thirty days later that the buyer cannot qualify for a mortgage loan? Would you want to be under contract with “buyers” who haven’t yet sold their existing home?
The quality of the buyer for your home will determine the quality of your satisfaction with the sale. Your real estate agent is a vital link in locating a serious, motivated, and qualified buyer – someone who takes the following actions:
First, the buyer has already secured a loan commitment before offering to purchase your home. The lender has checked the buyers’ credit history, employment record, etc. and determined the amount of loan that can be made to the individual. Many of our Sellers request that their home be shown to pre-qualified buyers only.
Second, the buyer will offer a significant earnest money deposit to assure completion of the purchase. While the amount is negotiable, serious buyers do not hesitate to offer a reasonably large sum. In Fairbanks, 2% of the sales price is customary.
Finally, a truly qualified and serious buyer will not clutter the purchase offer with a variety of unreasonable demands. While you may be willing to make some concessions, beware of the buyer who seems to be tying your hands behind your back with too many “ifs, ands, buts, and wherefores”. If in doubt, expect me to provide advice to protect you from an unreasonable buyer.