1. The Buyer Came Without a Real Estate Agent.
The first indication that a buyer probably isn't serious about shopping for a home? It’s when they came to the show by themselves. A serious buyer who is ready to buy a house should have a real estate agent by their side. Since it’s the seller who typically pays the buyer’s agent and it costs the buyer nothing, knowing that they enlisted free professional help is enough to show that they’re motivated to start putting papers in motion.
The real estate process is complicated and demanding, and it requires real work from experts. Their knowledge of the housing market and their insights about the listing greatly contribute to a fast and successful transaction. Unless they are agents themselves, very few buyers are capable of negotiating and dealing with all the legalities and paperwork. Hence, a buyer who comes for a viewing without an agent is probably not serious and just window shopping or getting a feel for the market.
2. They Have No Pre-approval From a Lender.
Despite telling you how much they would love living in your home, if the buyer fails to include a pre-approval letter when they submit their offer, it's an indication that they probably aren’t serious about purchasing your property. A pre-approval letter is a letter stating that the buyer has been pre-approved for a mortgage and will be granted a loan to purchase the home. Without one, they may not even be able to afford the home.
Having their pre-approval papers ready is a surefire sign that a home buyer is aware of their budget and has been checking listings they know they can afford. They've already done their research to increase their likelihood of getting the home they want, especially since a pre-approval increases the likelihood that the seller’s lender will approve their mortgage.
3. The Buyer Gave an Unreasonably “low” Lowball Offer.
Everyone wants to get the best deal, especially if it's for an investment as huge as a home. But if a buyer submits a crazy low offer, it’s a sure sign that they don’t want the property. Serious buyers in today’s competitive real estate market will make sure to put in a legitimate offer —one that is at least close to the asking price and shows that they genuinely want to purchase the home. As a seller, it’s better not to entertain buyers with ridiculously low offers since they are probably just out there testing the waters and likely making offers to many other sellers, which means wasting time since they will not likely move forward with your property.