Dealing With Interested Buyers of FSBO- By: John Cutts
For homeowners, here are some simple guidelines that can guarantee a successful FSBO sale.
1. Invite interested buyers to visit your property again. Prepare the FSBO property for the next visit of interested buyers. Make sure every single corner of the house is clean and presentable. Set a comfortable atmosphere in your home. This next visit is make-or-break in a For Sale By Owner – it will determine whether the interested buyers will go on with the purchase or find another property.
2. Greet the interested buyers cordially the moment they arrive in your FSBO home. Offer them drinks. Allow them to go around the house once again without getting in their way. However, escort them as they tour the house so you could answer any questions they might have. Be patient in answering particularly when they have numerous questions. Remember that asking many questions is a good sign as it means that they are interested in the buying the FSBO property. Be honest when you answer their questions.
3. When the buyers show interest and ask you about the next step, be prepared with your answer. This is the time for the buyers to make their offer and formally put it in writing. It is important that you have copies of necessary contract forms which you will give interested buyers. Otherwise, simply knowing where to get the contract forms would be enough. Watch out for subtle signs. If the buyers say that they would want to discuss the sale, it might mean that they want to negotiate about certain terms. Only when there is formal writing that the transaction becomes official.
4. When the buyers want to negotiate the price of your FSBO home, do it in formal writing. Avoid any verbal negotiations. If they ask you the lowest price you are willing to counter-offer, before you declare any amount, ask for their entire offer first and request proof that they are qualified for the mortgage.
Simple Tips on Dealing with FSBO Buyers:
- Be friendly. Treat your potential buyers well.
- Be professional. If your buyers have negative comments regarding the FSBO property, think of them as something that you have to improve and work on instead of taking the comments personally. They could turn out to be helpful later on.
- When there are discussions with interested buyers, keep them calm. Avoid confrontations. An FSBO sale is supposed to work for both the seller and the buyer.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.