How To Tell A Great Home Buyer From A Bad One

If you’re currently in the process of selling your house and considering different home buyers, you might be wondering how to determine whether a buyer is trustworthy or not. Thankfully, the internet provides us with a wealth of resources to conduct thorough research on individuals or businesses. Here’s what you can do to assess a potential buyer:

Quick Cash

Exceptional home buyers will provide you with a swift closing process, sometimes as fast as two business days. They will offer to purchase your property with 100% cash, although they may also present alternative payment options to accommodate specific circumstances. On the other hand, poor home buyers can be challenging to contact, offering a quick closing but consistently delaying or neglecting to respond to your phone calls or emails. If they eventually proceed with the transaction, they may have required loan qualification, and there is a chance they might encounter difficulties during the final closing. Reliable home buyers generally avoid renegotiating the terms unless unforeseen circumstances arise or undisclosed information comes to light. Conversely, problematic home buyers may attempt to adjust the price, possibly multiple times.

Quick Summary

Great home buyers will offer you a quick closing; sometimes as fast as 2 business days. They will offer to pay for your property in 100% cash, but may also use other payment types to suit the situation. 

Bad home buyers are difficult to get in touch with, they may offer you a quick closing but constantly delay or do not return your phone calls or emails.

Great home buyers will also not typically renegotiate unless extraneous situations arise or hidden facts are uncovered.

Bad home buyers may try to readjust the price, maybe even multiple times.

Great Reviews

A great home buyer will have a lot of reviews, mostly positive. We all know that things happen, and sometimes people make mistakes, so there may be some negative reviews. This shouldn’t sway your decision too much at first, but make sure to read if the home buyer has responded to the reviews. 

Their Personality

Excellent home buyers exhibit a positive attitude towards real estate and demonstrate reliable follow-through. When they commit to calling you back at a specific time, they consistently deliver on their promise. They not only talk convincingly but also back up their words with actions. In contrast, poor home buyers will get you excited and then let you down. They may schedule appointments with you but fail to return your calls or, worse, not show up at all. It can be frustrating and disappointing to spend hours preparing and cleaning your house, only to have a potential buyer not follow through on their commitment.

Quick Summary

Great home buyers have a positive attitude about real estate and they follow through. If you ask them to call you back at a certain time, they will do so consistently.

Bad home buyers will set appointments with you, and never call you back or never show up.

References

References are an important part of business.

A great home buyer will have multiple references you can call to see how they do business, and they shouldn’t hesitate to answer any of your questions. If they do, then this may be a sign they are a bad home buyer.

Look at their website, does it list reviews? Do they have a presence on social media or other rating websites? Do they have public reviews to read?

Closing

A great home buyer will commit to a relatively quick closing date, anywhere from 2 to 30 days and will provide a deposit. They will not try to rush you out of the home and stay in contact with the title company. A bad home buyer may try to extend the closing date multiple times, or ignore the closing date altogether and may have never submitted their deposit according to the contract. If the buyer is using financing, there will be very few items listed on the commitment letter. Bad home buyers will have multiple issues listed on their commitment, possibly questioning sources of funds and a sudden drop in credit score.

Quick Summary

A great home buyer will commit to a relatively quick closing date, anywhere from 2 to 30 days and will provide a deposit. They will not try to rush you out of the home and stay in contact with the title company.

A bad home buyer may try to extend the closing date multiple times, or ignore the closing date altogether and may have never submitted their deposit according to the contract. 

Please call us at 512-230-3469 or send us a message to discuss ways to tell a great home buyer from a bad one.

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