subject: Find And Qualify A Buyer To Sell Your Home As Fast As Possible [print this page] When people call me to tour their home because they think I might want to buy it they often ask, "Can you tell me how to sell my home?" This is a question that I hear quite often, so I have several answers handy, although it all depends on each homeowner's circumstances. I have to consider what's really happening before making any suggestion at all.
In order to sell a home first you have to grasp that it's not really about getting the house sold, it's about getting a buyer. Finding a buyer is the first thing that needs to happen. Everybody likes to focus on what happens after an offer is made and accepted, which is selling a home. However, the real adventure starts when we are looking for a buyer. Since that absolutely has to come first, both the seller and his or her agent have to understand that it's everybody's'job to find that buyer first.
Finding the buyer is the beginning of a complicated process ending with a closing. The second step, the next step after there is a signed sales agreement, is making sure the buyer is qualified. In case you have never had to sell a home before, some of this might not be making sense.
Actually, it's the buyer's own responsibility to apply for a mortgage loan and get qualified. Qualification means verifying that the individual or the couple who is interested in your home has the income, the savings and the credit rating to get approved for a loan. Normally it is not the seller's job to collect and verify the buyer's financial information with employers and financial institutions. One thing I discovered when I was learning how to sell my home is that I had to do part of the buyer qualification process myself. While it's not difficult it is important to know who to call to get the information needed. Mortgage loan processors do these things for a living, but having some of the same skills will be necessary if you decide to sell your home yourself.
After you and your buyer have an agreement and your buyer goes to apply for a mortgage, you may be surprised to discover how much time has gone by, meaning you don't really know whether your home is sold before the buyer qualifies for a loan.
You just have to ask the buyer upfront, preferably before you sign a sales agreement, you have to ask a lot of personal financial information. When someone is buying a house from you it's necessary to get this personal information that might otherwise be very private. You have to know if he or she has a job, some savings and an adequate credit rating. I realize that it's a little awkward to ask for personal financial information, but it's critical information you need. If I hear you say, "So, how do I sell my home, Leo? What do I need to know?" Now you know that my advice is to take care of yourself and qualify your buyer so your house closes in on schedule.
