How do you know if a buyer is serious?

Sadly, not all offers will translate into a sale. Sometimes people test the market or impulsively make an offer they later rethink. Other times, they can’t secure a mortgage.

To save huge amounts of effort – not to mention heartbreak – let’s look at the signs that a buyer is serious. An experienced estate agent will know how to tell, but it’s worth you developing a sharp eye, too.

Their initial response is positive
Your estate agent can tell you how a potential buyer behaved at their first viewing of your property. Did they seem enthusiastic? Ask lots of questions? Often, a keen buyer will take their time to explore all the parts of a home, considering practical aspects of how they might live in the space. After the viewing, they are likely to follow up with more questions or to request a second viewing.
They know what they want
A serious buyer has considered the specifics of what the right new home looks like. This doesn’t mean they have an exhaustive list, but they do know their absolute must-haves for both the property and the location. For example, they spotted your property because it falls in a particular school catchment area or has a large garden for their dogs.

On the flipside, someone who has only a vague sense of what suits them could well make an offer and, a few weeks later, find another property they prefer. Your estate agent can gauge how carefully they’ve thought about their property search.
Their finances are in order
Are they just window shopping? Maybe they saw your ‘for sale’ sign and decided it might be fun to look around. While they could genuinely fall in love with your property and put in a respectable offer, they don’t necessarily have the funds to back it up.

In this scenario, if they are serious about the purchase, they are likely to organise their finances promptly and – if necessary – put their own house on the market without dragging their heels.

More generally, a serious buyer will have researched the local property market and how much they can afford to borrow. They either already have a mortgage in principle or at least a plan for their finances.
They keep you in the loop
Ideally, your buyer is as invested in the sales process as you are. They are quick to respond to your estate agent and solicitor, and keep you up to date with their own property sale. After all, the health of a property chain relies on robust communication. If they are off on an extended holiday, they remember to tell you!

Work with an experienced estate agent

There’s no sure-fire way to know if a buyer is serious. Everybody behaves differently and market conditions play a role, too – for instance, a seller’s market will encourage buyers to act more quickly to offer on a house. But the above signs show that someone will likely take the time and care to follow through on a purchase.

Moreover, working with the right industry professionals puts you at a huge advantage. An experienced estate agent will have the skills to identify a serious buyer, giving you real confidence in the process. Find your local Winkworth office to get started today.