Whenever you have real estate to sell, your first thought is to sell it as quickly as you can to the highest bidder. But, there is no reason to be in such a hurry, as there are a lot of things a seller must know before handing over his keys to a buyer.
To begin with, focus your attention not only on the money that will be coming in. It’s easy to get distracted by the thought of what you’ll do with the proceeds of the sale but until you receive it, your attention should never leave the property. After all, the property you will soon be vacating is technically still yours until you receive payment for it.
To ensure that both you and your property will be protected, take into account the financial capacity of the buyer. Is your buyer legitimate? Can he really afford to pay for the property? What if the buyer turns out to be con artist, then what? These are the things you should think about.
To protect yourself from unscrupulous individuals, con artists, and problematic buyers, do a preliminary check on your potential buyer. Unless you have your buyer’s credentials on paper, you can never really trust his assurances. The only way you can know for sure is to run a credit check on him.
The financial disclosure you request from a prospective buyer should include the buyer’s employment status, including salary, length of employment and occupation. Confirm that the individual really does work where he claims. If the buyer has worked with the employer for a relatively short time, such as less than three years, ask for the previous employer’s information. Ask for bank information as well; most buyers will need to have saved up a certain amount of money to cover the down payment for the home as well as a myriad of costs associated with the mortgage and purchase process.
While the financial information you request is substantial, this information will assist you in determining the viability of any prospective buyer. This is even more critical if you are planning to carry back any part of the mortgage for the benefit of the buyer.
When it comes to credit reports, there are agencies both online and off that can easily provide you with this. These agencies can also tell you if a buyer has either a previous conviction or a notice of eviction issued against him.
It could even be a good idea to contact some former landlords and inquire whether their former tenant has had any money issues. The more you know, the bigger the chances are you find a right buyer.
This writer has been writing on credit scores for the past two years. In addition, the individual likes publishing articles with respect to New York City neighborhood topics, including Forest Hills real estate as well as Ridgewood Queens apartments.