If you are selling a property, you want the transaction to go as smoothly as possible. The unfortunate truth is that many sales fall through because the buyer pulls out for any number of reasons.
To minimise the risk of a failed sale, it is worth looking out for qualified buyers. These are people who are ready and able to buy. If they make an offer, you are in a great position with your sale.
Let us find out more about what a qualified buyer is and how to identify them.
Anyone can look round properties; say they are interested and even make an offer but not everyone is in a position to honour that offer. The frustration and disappointment of false hope when trying to sell your home can be exhausting, so it is worth seeking out people who are genuinely interested and able to proceed. These are qualified buyers. It is the responsibility of your estate agents to ensure viewings take place with genuine, propective buyers who are motivated to move.
Qualified buyers fulfil the criteria set by you and/or your estate agent:
They have evidence that they can afford the offer they make e.g. with bank statements and employment history.
Their credit score and history show they meet their financial obligations and are therefore likely to make their mortgage payments. These people are more likely to be approved for mortgages.
They have a signed document from their mortgage lender confirming a mortgage in principal for a sufficient amount or show proof of other funding to cover their offer.
They have confirmed their current situation regarding their own property sale (if relevant): it is sold, on the market, under offer etc. This gives you a good gauge of how long your transaction with them may take if you accept their offer. It is worth remembering that if they are relying on a property sale for funds, what they can afford may not match their offer in the end.
While it is not essential for a buyer to be qualified for a sale to be successful, they have shown that they are: a) keen b) able and c) have given an idea of their timeline. With qualified buyers you are more likely to close the deal and have your property on the market for as little time as possible. You can proceed with less stress and more confidence that the sale will go through.
Having an offer from a qualified buyer is the ideal situation, but it is worth knowing what you are looking for. They will be able to provide all or the majority of the following:
Your estate agent will gather and review this evidence and determine whether or not they are a qualified buyer for your property. You can then make a decision about accepting their offer.
If you are planning the sale of a property, we are here to help. One of our roles is determining whether buyers are qualified or not and explaining how their situation may affect your sale. Like you, we want sales to be successful and seamless, and we will support you at every step.
If you would like to find out more about qualified buyers or any part of the house selling process, please get in touch with our knowledgeable, friendly team. We will be happy to answer all your questions.
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