You’ve decided to sell your home yourself and have an open house so people can see it. Potential buyers come by and make you an offer. What now?
Qualifying Your Buyers
You’ve already spread the word about your open house, and your home looks really good. You should then be prepared on what to do if a qualified buyer will come and want to buy your home.
Usually, qualified buyers have a strong lender letter. If a qualified buyer wants to buy your home, you can proceed to the next step. You might find that some people who want to buy your home don’t have a lender letter just yet. Let me suggest a mutually helpful alliance for dealing with that situation.
Call several lenders before you schedule your open house. Tell them about the open house you’re planning on having and mention that you’d like to have a lender on hand to help your visitors know what they can afford. Also ask for their help in evaluating lender letters offered by potential buyers. Choose the lender you feel most comfortable with and work out a mutually acceptable date for your open house.
During your open house, introduce all the visitors to the lender. This often proves to be helpful to you, some of the buyers who attend and can be a source of additional loans for the lender. Everybody wins.
Prepare for Action
You should know how you want to handle a contract if someone offers for your home. Do you already have an attorney to draw it? Are you going to suggest using a contract form? If yes, then have on ready. Would you prefer to use a specific settlement company? So make sure you take care of these things beforehand. Buyers have their own ideas and connections too, you know. You should be open for negotiation if your potential buyer has suggestions, but you must also be prepared in case he doesn’t really know how to go on. The point is to plan your course of action in advance.
Closing
Sellers would often worry that no one would attend their open house events. They become happily surprised when people do show up. Such happiness can turn to embarrassment when an offer is made and the FSBO seller isn’t sure how to handle it. That’s why you must always be prepared.
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