Home Inspection: How to Spot a Genuine Buyer

In a superheated real estate market, a 30-minute open for inspection can attract hundreds of prospective buyers who are checking out a property.

So, the question is: How does your agent weed out the fake from the genuine among these homebuyers?

Here are some of the tell-tale signs:

  1. They have finance

Agents can tell who the genuine buyers are by identifying which of them have prepared their finance and are set to purchase. Those who don’t have a loan approved yet might be weeks or months away from being prepared to buy, or they may not be approved for a loan at all.

Many selling agents consider these buyers a waste of the agents’ time and may treat them differently, however they do provide valuable feedback.  So it’s just a matter of capturing their comments and moving on to the purchasers who are ready. 

  1. They are more inquisitive

Interested buyers will have more questions, specific questions that casual buyers wouldn’t worry about. They will ask about the terms of the contract, if the seller will sell prior and targeted questions about the state of the property.

  1. Showing a more-than-usual disinterest

The oldest negotiation trick in the book is: pretend that you dislike something when it is the opposite.

At open inspections, the buyers who are serious are those who make an effort to call attention to the property’s imperfections.

It’s a type of negotiating tactic. Buyers need leverage when negotiating with the selling agent.

  1. Timing is important

It doesn’t take a genius to know that there isn’t a buyer that is likely to emerge from the large group of people who look at the property for the first time at the last inspection.

However, the timing of their first inspection can indicate their intentions.

When a person is in the market and actively looking, they have their finger on the pulse, so they usually join in the first week of open inspection and return in the second week or ask for a private inspection.  

The first two weeks are crucial in any campaign. Genuine buyers will also spend more time checking out the property at different times of the day or when it’s raining as a fact finding mission.

  1. Ignore contract requests

Requesting a contract of sale is no longer a major sign of someone’s intention to purchase. 

The norm these days is: Many buyers request a copy of a contract of sale and the majority will not even make an offer. Everyone just wants to be nosey or they are just testing the agent to see how the agent interacts with buyers in the event they they are looking for a selling agent for themselves.

If you’re looking to sell your home sometime soon and would like an appraisal, just let me know.