Are all buyers created equal? Certainly not --- especially from a seller's perspective in our current market.
Here's how I would rank buyers, from the most exciting to sellers (#1) to the least (#9)...- Cash buyer, without a home sale contingency
- Pre-approved buyer, without a home sale contingency
- Pre-approved buyer, with a home sale contingency (with the house under contract)
- Buyer without pre-approval, without a home sale contingency
- Buyer without pre-approval, with a home sale contingency (with the house under contract)
- Pre-approved buyer, with a home sale contingency (with the house on the market)
- Pre-approved buyer with a home sale contingency (with the house not yet listed for sale)
- Buyer without pre-approval, with a home sale contingency (with the house on the market)
- Buyer without pre-approval, with a home sale contingency (with the house not yet listed for sale)
It is important to note where you are on the list above since the factors represented above often affect a seller's willingness (or lack thereof) to negotiate.
The good news is that you can (sometimes) take steps to move up this list:- Get pre-approved
- Get a contract on your current home
- At least put your current home on the market
To note, here are some other buyer characteristics that are desirable amongst sellers:- Minimal inspections
- In a hurry
- Large down payment
As a buyer in today's market, it's important to understand a seller's perspective before or during the process of making an offer.
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