20 Questions Every Home Seller Should Ask About The Buyer is a tool to help San Mateo home sellers understand the likelihood that the buyer will actually close escrow in a timely manner.
Buyers and Realtors are Conditioned to Question the Seller
San Mateo home buyers and Realtors representing the buyer are told to ask of the seller: Why are you selling? Where are you going? When do you have to move? How much do you owe the bank?
Shouldn’t sellers know comparable things about the buyer before accepting an offer from a buyer who may not have the ability to perform or has a perverse agenda?
Buyer’s Financial Capability is Just as Important as How Much they Offer
I think San Mateo home sellers should be much more inquisitive about the buyer’s ability and desire to buy. We counsel home sellers that the buyer’s financial capability and need to buy is just as important as how much they offer to pay and when they plan to close escrow.
20 Questions Every Seller Should Ask About a San Mateo Home Buyer Before Accepting an Offer
Here are 20 questions every seller should ask about the buyer before accepting the buyer’s offer:
- Is the buyer’s loan approved in writing? If not, why?
- Does the buyer have a back-up lender?
- Is any of the buyer’s cash coming from a gift?
- Is the buyer’s down payment and closing costs money liquid and available?
- Will the buyer provide proof of funds?
- Does the buyer have any time constraints?
- Has the buyer read and approved the seller’s disclosures?
- What property inspections is the buyer going to order?
- Is the buyer flexible about closing and change of possession dates?
- What happens if the property does not appraise?
- Is the buyer willing to make up the difference?
- Does the buyer have to sell a San Mateo home, or other real estate?
- Has the buyer bought a home before?
- How many homes has the buyer looked at?
- How many offers has the buyer made?
- Why did those offers fail?
- What does the buyer most want to change about his/her present housing situation?
- What does the buyer like most about my home?
- What will the buyer change on the property?
- Will the buyer entertain a counter offer?
How Can I Ask These Questions? My Agent Does all the Negotiating!
San Mateo home sellers rarely have any direct contact with the buyer. The agents interact on behalf of their clients, so a seller will likely not have the opportunity to personally quiz the buyer.
Ask Your Agent to Get Answers to These 20 Questions
If you’re selling, ask your agent to get the answers to as many of these questions that the buyer or buyer’s agent is willing to answer. A top notch agent probably will have already done so.
This Means Calling the Buyer’s Lender Directly
If the buyer is working with a top-notch San Mateo mortgage lender, likely they have already called the seller’s agent to demonstrate their buyer’s credit worthiness. But, at minimum, the buyer’s Mortgage Advisor should be able to answer questions about how strong the buyer’s loan application is and how likely they are to close the loan.
If the buyer is working with an online lender, or otherwise unresponsive lender, consider other alternatives like requiring them to be pre-approved by a top notch San Mateo mortgage lender just in case their loan falls through. In today’s lending market, it is imperative (especially if you are selling a San Mateo condo) mortgage professionals be on top of their game during the entire transaction.
Your Agent Not Asking These Questions? You Need a New Realtor!
In my opinion, if your agent is unwilling to ask or makes up reasons why this line of questioning really isn’t necessary, you should think about finding better representation.
Considering Selling Your Home?
Check out our Stress Free Home Listing Marketing Program to learn how you can sell your home in the fastest time with the least hassle. Then call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a free, no obligation consultation. We’ll show you how our killer internet marketing program can work to get you out of your home and on with your life.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
This is quite an useful information. Questions that really help the seller
Thanks, Tony! We’re glad you found this information useful. If you think of any other post ideas that may be useful to you, let us know and we’ll write about it.
You are welcome Rebecca. I just think that posts like this really help due to the great information they bring. It’s not just simple information, but situations that you can live someday!
What about the other hand? What buyers must pay attention before making a deal?
Hi Tony, We totally agree! We’ve posted (and are going to post) some similar “questions to ask when….” posts. We ask a ton of direct questions, whether we are representing the buyer of the seller, before we get too far into the transaction so we can prepare for what we’re up against. It really has helped us smooth the road for our clients during their transaction. So, why not share it with the rest of you?
Great point about what questions buyers should ask before buying a condo. We posted this one here http://livingwellinsanmateo.com/2009/11/20-questions-to-ask-before-buying-a-san-mateo-condo/. Hopefully that is also useful.
Thanks for your comment!