How to choose the right buyer for your property

Demand is high on the real estate market. Anyone selling a house quickly has a bunch of prospective buyers standing in front of the door and is spoiled for choice. Which prospective buyers are really serious and can afford your property? Last but not least, you only want to leave your house, in which you have spent so many years, in good hands. We show you how to go about the selection process.

Step 1: Prevent sightseeing tourism

Not every interested party who responds to your offer is really interested in buying. In order to avoid so-called viewing tourism and only invite people to the house who are seriously considering a purchase after viewing the exposé, it is important to have criteria for a preselection already here. Complete contact data should therefore be a must. It is also a good idea to have the prospective buyers fill out a questionnaire in which you provide initial information about the people who will be moving in, their price expectations and financing options. Anyone who only provides vague information and would prefer to remain anonymous is most likely not a serious prospective buyer. Online tools such as 360-degree viewings, where interested parties have to provide their contact details, can also be used to make a preliminary selection.

Step 2: Sift out with the credit check

If, after the viewings, you are left with several prospective buyers about whom you have a good gut feeling, it is crucial to know whether they can actually afford the property. Because, of course, the most important criterion in selecting a buyer is that he or she is solvent. To check creditworthiness, you have several options. First of all, credit agencies such as Schufa Holding AG provide information about a person's solvency and debt. As a private seller, however, it is difficult to obtain this information. The prospective buyers must therefore provide you with a self-disclosure. Other examples of credit agencies are Bürgel and Creditreform. These also provide information on existing real estate ownership and a general assessment of the financial situation. In addition to the data you receive in this way, it is also a good idea to request information about your prospects' assets. This includes account and deposit statements, but also business documents. Ultimately, however, the most important criterion is the bank's financing commitment. Make sure that the loan has been approved specifically for the purchase of your property. This way, you can be sure that the prospective buyer will not end up paying off another property.

Step 3: Criteria for the final selection

In the end, you may now still have two or even more solvent prospective buyers standing in front of you. How do you make your decision here? The simplest variant is probably the "first-come-first-served" principle: Whoever approaches you first with a secured purchase offer gets the property. However, you are not bound to sell to the fastest bidder, but are completely free in your choice. Accordingly, a sympathy bonus cannot be held against you any more than a decision by lot. In addition, you can make your choice dependent on how well the new residents fit into the neighborhood. After all, the new owner is supposed to take your place. So for the sake of your neighbors, too, get a thorough picture of those interested in your property. When selling an apartment in an apartment building, it is often even customary for the owners' association to approve the buyer beforehand. However, you should be cautious about making additional payments. While it is legitimate to sell to the highest bidder, you must not accept additional payments that are not listed in the purchase agreement. Otherwise, there will quickly be problems with the tax office.

If you take all these tips to heart, you can leave your beloved home to a new generation with a good feeling, who will hopefully accumulate as many wonderful memories in the new home as you did.

You need help in choosing a suitable buyer for your property? We are happy to support you and take over the credit check for you.


Photo: © Deagreez

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