You are in the market to sell your house and are comparing home buyers in Milwaukee, Wisconsin. How do you know if this buyer is a great home buyer or a bad one? With the wonders of today’s internet, you are able to do your homework on just about anything or anyone! Check with credible rating sources to see what other people’s experiences have been, see if they are active on social media, how does their website look? What kind of property do they regularly purchase?
Great home buyers will offer you a quick closing; sometimes as fast as 10 business days or less (pending local and county processing). They will offer to pay for your property in 100% cash, but may also use other payment types to suit the situation. Buyers that need to obtain conventional bank, government backed or mortgage lender financing can still potentially buy your house but there are unknowns on if and when they can obtain said financing. Even buyers with great credit can have difficulties obtaining financing, especially during these economic and pandemic (2020) times.
Bad home buyers are difficult to get in touch with. They may offer you a quick closing but constantly delay or do not return your phone calls or emails. They may not even be buying the house by taking possession of the house. Rather, they put the house under contract, with no intention of closing, hoping they can sell the contract to someone else before your close date with them. Great home buyers will also not typically renegotiate unless extraneous situations arise or hidden facts are uncovered. Bad home buyers may try to readjust the price, maybe even multiple times.
A great home buyer will have a lot of reviews, mostly positive. We all know that things happen, and sometimes people make mistakes, so there may be some negative reviews. This shouldn’t sway your decision too much at first, but make sure to read if the home buyer has responded to the reviews. If they did, how did they handle the situation? Do you agree with how they handled it? If you were the seller in that situation, would you have been settled? Also, don’t be afraid to ask around. Have your family or friends ever heard of this buyer?
Great home buyers have a positive attitude about real estate and they follow through. If you ask them to call you back at a certain time, they will do so consistently. They will talk a good game, and back it up too! Bad home buyers will amp you up and disappoint. They will set appointments with you, and never call you back or never show up. Can you imagine, spending hours tidying up, cleaning the house, and the potential buyer never shows up? Go to their website and see what they stand for? What are their core values? What is their mission statement? Do they provide you with a brief biography of their business history and personal life?
References are an important part of business. A great home buyer will have multiple references you can call to see how they do business, and they shouldn’t hesitate to answer any of your questions. If they do, then this may be a sign they are a bad home buyer. Look at their website, does it list reviews? Are they situation-specific, or is it a really general, too good to be true review that makes you question if their employees wrote them? Do they have a presence on social media or other rating websites? What are their followers saying in their comments? Do they have public reviews to read?
A great home buyer will commit to a relatively quick closing date, anywhere from 10 to 15 business days or less and will provide an appropriate deposit. They will not try to rush you out of the home and stay in contact with the title company. A bad home buyer may try to extend the closing date multiple times, or ignore the closing date altogether and may have never submitted their deposit according to the contract. If the buyer is using financing, there will be very few items listed on the commitment letter. Bad home buyers will have multiple issues listed on their commitment, possibly questioning sources of funds and a sudden drop in credit score.