This type of buyer will struggle to make a down payment and will likely need an FHA loan, which can be tough on sellers since FHA loans have strict home qualifying requirements. Selling to the underdog type of buyer means you’ll have to contribute for closing costs and put in more work to seal the deal.
The pros of this type of buyer, though, is that they know they have limitations and will be less likely to request extensive repairs or delay their move-in date. They’ll do their best to be flexible and meet your needs, as well.
The Charity Case
This type of buyer is madly in love with your home but can’t give you the price you’re looking for. So they may resort to sending you an emotional letter and pictures of their kids and pets to soften the blow of a low offer. You might get emotional and consider accepting their offer, but remember that being charitable to home buyers won’t pay the bills for your family. So if their offer is below what you’d be willing to accept, put their letter aside and pass.
Keep your fuzzy emotions in check when dealing with this type of buyer and keep in mind that you’re making a business transaction — not a donation.
The Window Shopper
This type of buyer ogles homes they can’t afford, dreaming about the day they’ll move in as wealthy homeowners. They’ll swoon during every open house, but will rescind their offer when it comes time to seal the deal. They might even pretend to be tough negotiators when low-balling you.
To identify the window shopper, find out how many properties they’re currently looking at and how far they’ve actually gone through the home buying process. If they don’t seem serious, then don’t waste your time.
If your property has been on the market for a while, you’ll eventually come into contact with the coyote. This type of buyer is on the prowl, looking for homes with problems to justify an incredibly low offer. When dealing with the coyote, you’ll have to be very honest and transparent about potential issues with the home so that they don’t try to knock down the price well into the process.
Work with your realtor to determine which concessions you should make to meet their expectations.
The All-Cash Buyer
- Can’t afford to make your home market-ready with expensive upgrades.
- Don’t want to pay realtor’s fees and commissions.
- Don’t have time to make repairs or renovations. (This leads many homeowners to wonder, “How do I sell my home in Las Vegas for cash?”)
- Want to sell and move fast.
- Don’t want strangers looking through your home during showings and open houses.
- Don’t want or have time for an inspection.