In a perfect world, sellers would only encounter serious buyers who present zero obstacles in the selling process. But just like in all other aspects of life, the world of real estate comes with all sorts of characters.
Sure, you may not actually physically meet buyers face-to-face since you’ll both likely be represented by your own respective agents, but their personalities and intentions will still have a direct impact on your experience as a home seller.
It helps to know the types of people that are prowling behind potential offers so you’ll know exactly how to deal with them to reap the best results.
The Emotionally-Attached Buyer
These buyers fall in love with your home, and are willing to give you their right arm to get it. They’ll quickly submit an offer, along with a heart-warming letter explaining why they want your home.
While these types of buyers are potentially the most attractive ones out there, you still need to stay on your toes. If their pleading doesn’t come with an attractive offer, they just might be playing you while holding back on an offer your home really deserves.
Even if they do submit a hefty offer that matches their true-blue feelings about your home, they might not necessarily have the financial backing to support their offer. Perhaps they’re so emotionally attached to your home that they’re willing to offer whatever it takes to get it, even if they don’t have the cash to back it up.
By all means, entertain their offer, but just make sure you keep your bottom line in check.
The Casual Shopper
Along with all the serious buyers out there come the tire kickers. These are the people who might be dreaming of buying one day, but aren’t in a position right now to take that leap. They might trot around attending all the open houses in the area, and might even go so far as to present themselves as buyers who are ready to put in an offer. But the truth is, they simply aren’t serious enough to buy just yet.
They tend to look at a bunch of homes week after week, and lead you to believe that they’ll probably make an offer. This does nothing but get your hopes up, only to leave you hanging.
Your real estate agent can help determine if this is exactly the type of buyer you’re dealing with. Find out if the buyer is looking at many properties, and how soon they’re looking to move. The more homes they’re looking at, the more you shouldn’t put all your faith in them.
The Market Sniffer
These are the buyers that have been paying close attention to the local market. These types of buyers are looking for a good deal, and are just waiting for the right moment to pounce.
They’ll have their finger on the pulse of properties that have been hanging around longer than most listings, and will do their best to see if there is a particular issue that might be contributing an increasingly stale listing. Don’t let buyers like these frighten you. Instead, be forthcoming about any potential issues with your home, and work with your agent to see what needs to be done to bring your home up to par, and if your listing price is right.
The Bargain Hunter
These buyers may be serious about buying, but they’re the ones who will only take the plunge if they think they’re getting a good deal. Whether it’s to save on the commission to the agent, find a seller who’s in a desperate situation, or submit a low-ball offer, bargain hunters can be tricky. You can always entertain their offer by countering; just be careful that they can actually afford your house at the price you want.
The Motivated Buyer
Whether it’s because of a job transfer, or because they’ve already sold their house and need to find another one fast, these types of buyers are highly motivated. They’re ready and willing to submit an offer on a home that meets their criteria, and tend to have done all the research necessary to make an informed purchasing decision. They know what they want, and are eager to submit an offer to make the deal happen.
Motivated buyers are the ideal type for sellers. They’re already familiar with home values in the neighborhood, are typically pre-approved for a mortgage, and are almost always teamed up with a real estate agent. They want your home, have the financial goods to make the deal work, and want the deal to close. It’s the ideal combination of attributes that make these types buyers a real dream to work with.
You might have to knock on a few doors before you find the right buyer for your home; that’s all part and parcel to the world of selling real estate. Your agent can help you become aware of the types of buyers that you’ll likely come across, and how to effectively deal with them so the end result is exactly what you’re looking for.