What are the Top Mistakes Buyers Make When Making an Offer on Homes?
Buyers Do Not Know HOW it Works…
Buyer Mistake #1: Not Getting Pre-APPROVED FOR FINANCING
- Define: Pre-Approved – Submitted financial docs to lender and lender has approved the buyers loan, just need a house!
- Similar to Cash
- Just Need an Appraisal
- Pre-Qualified – Talked to a Lender on the Phone and Lender MAYBE pulled credit
NOTE: Pre-Qualification tells me there is NO Verification by the lender of the Buyer’s Financial status
Buyer Mistake # 2: FAILURE TO SEND OVER BUYER’S ABILITY TO PAY WITH PROOF OF FUNDS OR LENDER LETTER – -NO Lender Letter Provided
Puts Buyers Ability to Perform in Doubt
Agents have said to me…” I was so busy”
Too busy to present your buyer in the best possible light?
Buyer Mistake # 3: HOUSE TO SELL CONTINGENCY
- Hot Property – 20 Showings on Day 1
- Offer Came in with a House to Sell that gave the buyer a back out, no harm no foul to buyer all the way until closing day…6 weeks later!
Buyer Mistake # 4: WAITING UNTIL THE LAST MINUTE TO SEND THE OFFER
- Agents think this is a strategy
- Makes the Listing Agent scramble to gather the information for the Seller
- Seller wants to select the best buyer
We are talking about the TOP Mistakes Homebuyers Make when Make Offers on Homes.
Buyer Mistake # 5: NOT KNOWING OR NOT BEING TRUTHFUL ABOUT BUYERS ABILITY TO PERFORM
- The #1 Question I get from agents if a deal fell apart is…Why did the last contract fail?
- Buyers are worried there is something wrong with house
- When, in fact many times there is something
wrong with buyer~
Buyers financing fell through (this should NOT happen)
Buyer changed their minds…?
Although there are 10 ways a buyer can get out of a contract and get their deposit back…
It HARMS THE SELLER TO TAKE A HOUSE OFF THE MARKET
Seller loses marketing opportunity to other buyers while home is Under Contract because we have to put the status of “under contract in the MLS!
- So, home sellers want the contract to go through and not fail. That is why my defenses are up when other agents bring weak contracts because I know the home sellers do NOT want any surprises.
Barb Schlinker of Your Home Sold Guaranteed Realty, if you are thinking of making a move Barb at
719 301 3900 or visit BarbHasTheBuyers.com
Barb Schlinker Radio Show
719-888-3736 | 719-301-3900
Your Home Sold Guaranteed Realty Colorado
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