Home Sellers Guide

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How do I know if the buyers are serious, or even if they can afford my home?

They are rarely asked for any personal information and it gives them a chance to compare what they own to what's up for sale - in case they might be thinking of selling. Sometimes, they just enjoy looking at what others have done with their residences, like their decorating and landscaping.

To cut-down on setbacks and wasted showings, do some investigative work. Visit your bank and ask for information from their mortgage loan officer. Ask about the amount of cash and income needed to buy a home in your price range. Find out about several loan programs, and how the qualifications vary based on the loan's interest rate, term, number of payments, downpayment, and points paid. Get the same information from several banks and mortgage companies.

Once you understand financing, you'll need to create a questionnaire for callers about the house. Of course, there will be some that will either give you false information, or refuse to give you any information. You may experience some reluctance to divulge personal details. But, it will probably serve you best in the long run to screen your callers. Real buyers will probably appreciate your effort in weeding out lookers.

When you list your home for sale on the Multiple Listing Service of Long Island (MLS), Realtors® who share the listing will have already done some screening of the buyers from their office. Time is money for you and for the Realtor® too. He or she already knows the importance of making sure the buyer is qualified. Many will advise buyers to shop for their financing, and obtain a pre-qualification letter from their selected lender, even prior to finding a home. This helps ensure a smoother sale.

Reprinted from "How to Sell it Fast & Get the Right Price", by Laurie J. Bloom
(c) 1998, Multiple Listing Service of Long Island, Inc. All Rights Reserved.
For your free copy, contact your local MLS office.