The Underdog
This type of buyer may not be able to afford a down payment and will likely seek FHA loans, which can be tough on sellers since FHA loans have strict home qualifying requirements. 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 their limitations and will likely do their best to work with your needs. They’ll be less likely to request extensive repairs or delay their move-in date.
The Desperate Charity Case
This type of buyer is so in love with your home, they’ll submit an emotional letter and possibly even pictures of their kids and pets to soften the blow of a low offer. You might get a fuzzy feeling by accepting their offer, but remember that charitable acts don’t pay the bills. So if their offer is not acceptable, then put their letter aside and pass.
Keep your 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 drives through neighborhoods with homes they can’t afford, dreaming about the day they’ll move in as homeowners. They’ll swoon during every open house, but will back out when it comes time to seal the deal. They might even pretend to be tough negotiators when giving you a low offer.
Find out how many properties they’re currently looking at and how far they’ve actually gone through the home buying process. It’s better to move on to a more serious buyer than waste time on them.
The Coyote
If your property has been on the market for a while, you’ll eventually come into contact with the coyote — the type of buyer who is looking for problems with your home to justify an incredibly low offer. You’ll need to be very honest and transparent with them so that they don’t try to knock down the price well into the process.
Work with your realtor to determine what concessions you should make and what price to ask for. You should also find out if they’re a property flipper looking for a deal. Do an internet search by typing in the keywords “real estate transfers” to see if they’ve bought properties in your area.
The All-Cash Buyer
- Don’t want to pay realtor’s fees and commissions.
- Don’t have time to make repairs or renovations. (We buy houses for cash in Las Vegas regardless of their condition.)
- Can’t afford to make your home market ready with expensive upgrades.
- Don’t want strangers looking through your home during showings or open houses.
- Don’t want or have time for an inspection.
- Want to sell and move fast.