How can I verify if a potential buyer is serious?

Asked by Nicole, Tampa Palms, Tampa, FL Tue Sep 1, 2009

I want to try to sell my house by owner and I have a question for you.
How can I verify if a potential buyer is serious?
I asked him about prequalified letter,any thing else?There is any Internet services where can I verify if he dosen;t have problem with the law or something like this?
If he say that he has cash,dosen't look suspicious?
Thanks for help.

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Robert Krop, Agent, Frederick, MD
Wed May 21, 2014
Well, this is one of the reasons, that it is recommended using a realtor in the sale of home to help guide you through.

Without knowing any particulars, the best you can do is ask for a lender letter and then chat with that lender to see what information they can give you about their qualifications to purchase. If its a cash purchaser, you should request a letter from the bank stating that he has "X" funds to be able to make the purchase. If this person is also not represented by a realtor, you should consider contacting an attorney to help facilitate the contract at least.
0 votes
Meena Gujral, Agent, Pleasanton, CA
Wed Apr 10, 2013
Hello Nicole,

Selling your home on your own as a For Sale By Owner? That is not a very good idea since there is so much to know and there are so many hurdles when selling your home. You should for sure have an agent look out for your best interest, give you the best advice and guidance throughout the transaction

At our Company (Help-U-Sell), we charge a set fee for our services, as opposed to the traditional 6 percent commission, which, in turn, helps you to retain a greater amount of equity while still receiving all the real estate services you expect.

Our agents are fully licensed professionals, members of the local Board of Realtors and of the National Association of Realtors®, work with both Buyers and Sellers, and provide a full range of real estate services.

Our unique marketing strategies drive a steady stream of traffic to our website and offices, which results in many buyers for our listings and many new listings. Additionally, our streamlined operations and cost efficiencies translate into low overhead and savings that we pass along to consumers with our low set fee.

You can call the local Help-U-Sell office in your area and they can help you.

Meena Gujral
Help-U-Sell Achievers Realty
0 votes
Barbara Pesho, Agent, Clearwater, FL
Wed Apr 10, 2013
Trying to sell your own home in this currently "hot" market is not your best move. Realtors have tremendous value to any seller truly interested in selling their property. We are well versed and skilled in marketing, advertising, come with a list of buyers who are ready and willing to buy, writing contracts, negotiating sales, and closing the deal. My best advice is: GET A LICENSED REALTOR TO HELP YOU FACILITATE YOUR SALE.
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Terra Walsh, Agent, Tampa, FL
Tue Mar 19, 2013
That depends on how serious you are as a seller. It's risky business to sell by owner. The percentage of the commission broker fee, could save you in the long haul, as the listing agent will navigate, take appointments, and qualify all potential buyers entering your home, not to mention the multiple and global advertising abilities we have as professionals. The longer the house sits on the open market, the more money it costs the seller, taxes, maintaining, etc. There is no worries regarding the legality of the offer, as again as Realtors we are qualified and experienced with writing and understanding the contract, and one size does not fit all regarding the different contracts and terms to the specific contract that will be used. The title company, instead of an attorney will provide the buyers with the title, free of all clouds and is insured. It's a lot to take on as a non professional!
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Phyllis Cros…, , Tampa, FL
Sat Feb 5, 2011
It is tough enough for a Realtor to sell in our depressed Tampa market, but if you want to sell by owner have at it.

I would say safety first.

You can advertise your home on the internet including craigslist, avoiding costly ads .

I would make sure you have a fax at home and talk to the potential buyers at length to get a comfortability level. If you are not comfortable with a caller don't show your home to them. Have a sheet prepared pre-print ed --name, address, phone number, what they do for a living, how many in the family, are they pre-qualified.,etc You can obtain all these answers through basic conversation. You can tell them alot about your home over the phone and hopefully you posted some photos online in your ads. However, remember Realtors do not show homes unless they are pre-qualified, as least
the Realtors I know. Ask them to fax t their pre-qual letter and a copy of their drivers license to you and you will gladly set up an appointment. upon receipt. Make sure you call them back to verify the number is valid. No bad element will send you a fax I would suspect..

Have someone with you at the appointments. Always let the buyer walk first, and be on guard - as a precaution. Line up a Real Estate Attorney to write the contract,, once you have a meeting of the minds.

...if you have any second a Realtor.

Phyllis Crosby, Realtor, GRI
Tampa Bay Florida
0 votes
Tue Sep 1, 2009
If he is serious about buying your house you may want to get somehting like a rental verification form and get enough information for you to be able to check his credit yourself. Anyone can provide a pre-qualification can get the information (along with a signed authorization to check credit) and call a reputable loan officer/mortgage broker in you r area aho will be more than happy to help you get prospects pre-approved. Or just ask him to call your lender of choice and they will inform you of your prospect's ability to complete the sale. If it is a cash sale, get "verification of funds" and make sure it is a reputable financial institution and check that the funda ARE available. Good luck!

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John B Wells, , Severna Park, MD
Tue Sep 1, 2009
Hey Nicloe,
Once you get a letter pre-qualifying him as someone able to buy your house you could call that institution (hopefully a reputable local bank or such) and ask for verification that the letter is genuine. If you are not using a real estate agent/broker than you should certainly have a local lawyer familiar with real estate transactions involved on Your behalf. There are federal laws protecting classes of individuals and your local state laws may address protected classes also. Let me know if I can be of further help.
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