Once you have your home up for sale, it's helpful to know the type of buyers you're dealing with. Essentially, buyers fall into one of three categories:
1. Buyers searching for a dream home.
2. Buyers looking for a great home at a fair price.
3. Buyers scouring for the next bargain.
"Dream" home shoppers will most likely be willing to pay full price if they find a property they want. "Great" home searchers probably aren't going to pay full price, but will be more likely to negotiate. "Bargain" hunters thrive on finding the best price and may be looking for a fixer-upper.
If your home is well-kept and priced correctly, you probably won't encounter the bargain hunter. Instead, you may come across three types of buyers among "dream" home and "great" home shoppers that aren't going to serve your bottom line. These are the buyers you may want to avoid.
1. Zero Percent Down Buyer
As you and your Realtor know, it's smart to use recent comparable sales to help determine the market value of your home. However, there are times when the market value is higher than the bank's appraised value. Adding a buyer putting no money down to that scenario increases the chances they won't qualify for a loan. In the end, you will have taken your home off the market and missed out on the opportunity to entice a stronger buyer, only to end up having to put your home back on the market.
2. The Bully Buyer
Nobody likes a bully and you're not going to like this type of buyer either. The bully buyer will inundate you with a list of things that are wrong with the house -- all while presenting an offer. Also, with this type of buyer, you can expect the inspection process to be a nightmare. If you detect a bully, move on. The bully approach is a prelude to endless negotiations with their trying to obtain concessions by nitpicking every aspect of the transaction.
3. The Sight-Unseen Buyer
It's not unheard of to get an offer from someone who has only seen photos of your house. Beware that this type of buyer may have a trick up his/her sleeve. Most home buyers will not purchase a house without seeing it. Instead, this buyer might want your house off the market so they can make a decision later.
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