A motivated buyer is one who, provided they are satisfied with the house, is ready to buy it now. Dealing with a motivated buyer is good because there is a low risk of the deal falling through. Here are some of the things that should tell you when a buyer is motivated:
The Buyer Has Mortgage Pre-Approval
A buyer with a pre-approved mortgage is one whose lender has agreed to advance them the stated loan provided they take it within a specified period that is usually 90 days. A buyer who has a pre-approved mortgage is serious about making a purchase because they have actually made the first step of the process – confirming that they can get a mortgage of a certain amount. Therefore, if you get an agreement with such a buyer, there is a high chance they will proceed with the purchase.
The Buyer Is Represented By an Agent
Most buyers who are just testing the market will not go as fast as hiring an agent to help them with the process. Such buyers are likely to be flying solo. This doesn't mean that everyone without an agent is not a motivated buyer. There are some buyers who may opt not to use an agent even if they are motivated. For example, some buyers think they can save money this way while others are confident of their negotiation skills. Therefore, a buyer without an agent might or might not be motivated. However, a buyer who has actually hired an agent is more likely than not to b motivated.
The Buyer Takes Their Time during Viewing
When showing your property to potential buyers, pay keen attention to how much interest each buyer has on the house. Someone who is not planning to buy the property is likely to rush through the viewing process because they don't really care about the condition of the house. However, someone who is actually thinking of making a purchase will take their time during the viewing, ask questions, and closely examine questionable areas of the property such as stains on the walls.
The Buyer Has Submitted a Reasonable Offer
Lastly, you can also separate those who are serious about buying your property from those who are "just looking" by the size of their respective bids. This helps because many people who are just testing the market submit extremely low bids so that their bids are rejected by the sellers. They do this so that they can easily get out of any potential deal without looking bad. However, a buyer who makes a reasonable offer is probably ready to make the purchase.
For more information, contact companies like Northwood Holmes Real Estate.
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