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Seller Seminar Step 4

Step 4

Qualified Buyers

It makes absolutely no sense to show someone your home who is not pre-qualified.

Being pre-qualified means that the prospective buyer has gone into a lender or bank and has qualified for a home loan.  The loan processor has reviewed the buyer’s income, monthly bills and credit and determined that the lender can give them a home loan.  This process defines the amount they can offer, how much money they need down, what their closing costs will be, and what their monthly payment will be. If a prospective home buyer cannot afford your home, why waste the time showing it to them?

If a person calls in response to an ad and expresses an interest in previewing your home, the first question we ask is, “Are you pre-qualified?” If they have not, we will ask some follow up questions that will help us determine that we are not wasting everyone’s time if we decide to show your property.

Likewise, when we notify other realtors as to the availability of your home, we make it clear that only serious, pre-qualified persons need respond. When we get the request from another realtor to set up a time to show your home, we will ask if their buyer is pre-qualified. If not, we suggest that the buyer make themselves available to get pre-qualified. After they are pre-qualified, if they would like to view your home, we would be delighted to set up a time.

That seems a little cold but that is the best way to proceed. Showing your home to just anybody that says they want to see it potentially opens the door to a lot of problems. For instance:

A thief may be out to see how you have your home protected, with locks, alarms and the like. They’re not out to buy your home; they’re out to rob your home. The thief is checking it out to see just how easy it would be to break into your property. These types won’t be working with a realtor nor go through the process of pre-qualifying because an agent will ask for to much information .

  • Where do you work?
  • How can we contact you?
  • How much money do you make?
  • How many bills do you have?
Sorry, only qualified buyers need apply!

 

Our experience has shown that the legitimate buyer expects to be asked these types of questions. If a person is less than open with us, we do give them a second chance. We’ll ask them, “When would you be available to set up a time to meet with a lender and get pre-qualified?”

If their response is still inappropriate, we get a little in their face. We have been known to come right out and ask them why not?

We’ll say, “Either you’re a buyer or you’re just pretending.” If they’re a serious buyer we ’ll be happy to work with them. But if they’re not, we’ll not waste everyone’s time.

Rod Stone: rod@rodstone.com

Dave Duncan: d.g.duncan@gci.net

Please use the form below for any questions you may have.