Any time you are selling your home, you want to ensure that the transaction goes smoothly. The best way to do that is to pick the right buyer. Simply selling to the highest bidder may net the most profits, but that assumes the deal actually goes through. Even if it does, you may have lost time and gained headaches. Instead, make sure your buyer is qualified.
There are a few things to look for in a qualified buyer. The first is mortgage pre-approval. If your buyer is not pre-approved, they may have to back out after discovering they don’t qualify for a loan. If there’s a buyer you otherwise like but they aren’t pre-approved, you can certainly suggest getting a pre-approval before submitting an offer. You should also establish terms in the contract regarding an earnest money deposit and check that the buyer has the money ready. There are also a couple of red flags to watch out for. As cliché as it sounds, if an offer looks too good to be true, it probably is. In addition, a buyer who isn’t interested in an inspection may not be very serious.