Market Perspectives

What makes a good buyer?

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By Friday, Sep 8 , More In Real Estate

What makes a “good” buyer, when it comes to real estate? Up-front planning is always good strategy, because in certain price ranges and for super-appealing properties, a buyer may need to outshine the competition. But it’s not all about meeting – or exceeding — the asking price. Take it from us, we’ve seen some interesting deals that came together for other reasons entirely.

When we act as buyer agents, it’s our job to understand your wish-list and to help set you up for success. To make it work, we’ll ask you all kinds of questions, above and beyond your favorite town and number of bedrooms you need. What are your homeownership goals? Are you selling another property? Do you need bank financing? Are you pre-approved for a mortgage? How quickly can you close?

Buyers who often stand out are:

  • Buyers who can pay cash (don’t worry, not many can!);
  • Buyers who are pre-approved with an actual bank mortgage commitment (pre-qualification alone is not a mortgage commitment);
  • Buyers who can close quickly (depending on the seller’s timeline); or
  • Buyers who don’t have lots of contingencies in their offer, such as selling another home.

It’s our job to negotiate on your behalf, to find you the best price for the home you want, to handle the paperwork and manage the many details of the deal. Things can get interesting if multiple buyers are interested in an appealing property, and this can put pressure on a buyer to raise an offer. Your broker should help you manage that possibility.

Sometimes a personal appeal from a buyer can tip the scales in his or her favor. For a competitive listing, your broker may help you to connect with the seller with a letter, photos or a video that conveys your personal passion for a particular house. These things matter for some sellers who are emotionally attached to their homes and who want it to have a bright future as home to someone new.

Being a strong buyer doesn’t mean you should cut corners, particularly when it comes to a property inspection. We always advise an inspection, and the inspection report – which can uncover potentially costly problems with a house – can be used as a negotiating tool. But if not, and you decide to go forward with your purchase, you will have a good handle on the potential costs of making improvements moving forward.

A good buyer broker can help you get into a prime buyer position from the get-go, to streamline your search for your dream home.

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