What To Look for In a Buyer For Your Home

Picking the right buyer for your home is extremely important. What boxes should you be checking off before signing that real estate contract?
There are lots of things to occupy your attention when it comes time to sell a home. You might be thinking of the movers, packing, getting the kids into a new school, forwarding your mail and utilities, and furnishing your new place. Yet, failing to wisely pick a buyer to contract with can mean a lot of heartaches, stress, sleepless nights, and financial loss. 
Here’s how to avoid all of that, and enjoy a smoother, more profitable transaction and move. 

Integrity

Sadly, there are some buyers out there who just want to lock you up in a contract, and then plan to try and renegotiate and change things on you before closing. 
So, firstly, what’s their reputation? Have others complained about this? Or do they have good reviews and a clean reputation online?
What’s the buying process? What loopholes are there that could lead to these issues? How much time is there before closing that could result in issues that lead to renegotiations?

Costs

What are the costs of selling to this buyer?
Either the seller, title company, real estate closing attorney, or the buyer ought to be able to provide you with an estimated net sheet or settlement statement showing the costs, and how much you can expect to put in your pocket.
You might end up having to pay for the buyer’s closing costs, buyer and seller Realtor commissions, wire and closing fees, and even repairs. 
Other buyers may be willing to pay all your typical closing costs, putting more money in your pocket at the closing. Even when their top line offer might seem a little lower.
Remember, it’s about the net.

Speed

Each day matters when it comes to selling your home. Each day costs you money and takes away more than you could be putting in your pocket. 
Each day you are paying or accumulating interest, property taxes, utility bills, association dues, and more. Each day also brings the risk that a disaster will strike, or the market will change and devalue your home. 
Even the difference between being able to close in 7 days, versus 60 days can make a massive difference. 

Contingencies

Ideally, you want to contract with the home buyer with the least contingencies in their contract.
These can often lead to delays, renegotiations, or even a reason the buyer can just walk away at the last moment and get their deposit back. 
Common contingency requests you might see include:

Capable

Many homebuyers are well-intentioned but just can’t follow through. In fact, this is most home buyers in the market. 
This isn’t just about having the cash to buy but having the experience to handle all the issues that can arise in the process too. Such as mortgage and title issues, liens, and code violations. 

Paying Cash

Cash in king and queen when it comes to selling your home. 
There are far too many problems when a buyer must rely on getting a mortgage to buy your home. Pre-approval letters have proven to be worthless. Lenders can change their minds at any time. Often on the day of closing. Or the buyer may lose a job, see their credit score damaged, or the property may not meet what the lenders want. 
Be sure you are checking these boxes before picking the buyer to sell your home to.

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