Working With an Interested Buyer

Working With an Interested Buyer
02-23-08

As the "for sale by owner" seller, you will receive calls from people asking questions about the home for sale. When you have a potential buyer who saw the house a couple of days ago and is calling again because they wish to talk more about the house or maybe they want to come by to see the house one more time. You still have several steps you will need to take before getting a written sales contract.

First, you want to invite the potential buyer back as soon as possible. Make sure the house is ready for show even though the buyer has seen it once before. This may be the visit where they will make an offer to purchase or go on down the road to another house they were interested in a second look.

Make sure to greet the potential buyer warmly and offer refreshment, such as tea, coffee or a soft drink. Allow them to look around the house again, but don't hang over their shoulder. Let them be. Hopefully they will want to ask more questions after looking at the house once more. If they don't ask any questions, chances are they are not going to buy. When they do ask questions, answer the questions honestly. You want to pave the way for negotiations. Just stay calm and be friendly.

The buyer may just come right out with they the fact they are interested in the house and may ask for the next step. This is a question you should stay prepared for. You have the buyer put his offer in writing. If you have made arrangements for a contract attorney to negotiate the contract, the attorney will provide you with contract forms. Give one of these contract forms to the buyer. If the buyer states his desire to just talk about the sale, you want to make sure you and the buyer are of the same mind. Have a friendly discussion with him regarding the purchase of the house, but remember, you are not obligate to anything you talk about until it is in writing.

It is best not to negotiate price verbally. A buyer will probably ask for your bottom dollar price and you should answer how you need to see his entire offer in writing and proof they are able to qualify for the loan before you can consider negotiating price.

Just remember to stay calm and friendly. Don't take any negative remarks about the price or your house to heart. A "for sale by owner" deal should be a win-win situation for both parties, so don't allow negotiations to become overly heated or personal.

Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000