3 Buyers You May Want to Avoid

In this market, a buyer can look awfully good, but Michael Corbett — author of Ready, Set, Sold! (Plume, 2007), a guide to selling a home — says not all buyers are created equal.

Here are three types of buyers, according to Corbett, you’ll want to avoid:

1. The Zero Percent Down Buyer. If the home is priced near the top of the market, a mortgage company may find it difficult to appraise it for enough to approve the mortgage with little or nothing down. When the mortgage falls through, the home will have to go back on the market.
2. The Bully Buyer. This buyer inundates the seller with a list of things that are wrong with the house — all while presenting an offer. The inspection process will be a nightmare, with the buyer trying to obtain concessions by nitpicking on the disclosure and the inspection.
3. The Sight-Unseen Buyer. Corbett says it’s a rare buyer who will make a decision on a house without seeing it. Typically, this buyers wants to tie up the property to take it off the market and make a decision later.

Source: Market Watch, Marshall Loeb (04/08/07)