How to choose the right buyer for your property
Selling an inherited property is not just a financial matter, but often an emotional one too. As well as the question of who can afford the property, personal chemistry also plays a part. Here you can find out how to choose the right buyer and avoid ‘viewing tourism’.
1. Prevent sightseeing tourism
Not every prospective buyer is actually ready to buy. To save yourself time, you should weed them out at an early stage:
- Full contact details: These should be compulsory.
- Questionnaire: Ask potential buyers to provide details of the people moving in, their asking price and financing options.
- Virtual tours: Make use of tools such as 360-degree virtual tours, which require visitors to provide their contact details.
Anyone who provides incomplete details or wishes to remain anonymous is usually not a serious prospective buyer.
2. Credit check: Who can afford your property?
Once the shortlist has been drawn up, the next step is to assess the financial situation of the prospective applicants. The most important criterion is solvency:
- Credit agencies: You can obtain information on creditworthiness and debt from organisations such as Schufa, Bürgel or Creditreform.
- Self-disclosure: Ask to be shown proof of income, bank and investment account statements, and business documents.
- Funding commitment: Please ensure that the loan has been approved specifically for your property.
3. Criteria for the final selection
If there are several solvent prospective buyers left, the following considerations may be helpful:
- First-Come-First-Serve: Sell to the highest bidder with guaranteed financing.
- Sympathy: Be sure to include your personal impressions as well – for example, how well the buyers would fit into the neighbourhood.
- Owners’ Association: When selling a flat in a block of flats, it is customary for the residents’ association to approve the buyer.
Attention: You should avoid making any additional payments that are not specified in the contract of sale in order to avoid legal problems.
Conclusion: A decision I feel good about
By taking a careful approach and considering all the relevant factors, you can ensure that your beloved home is in good hands and that the new owners feel at home.
Get non-binding advice now
Robert Schüßler
Property valuer (EIA and IHK)
Note: This text is for information purposes only and does not constitute legal or tax advice. Please consult an expert if you have individual questions.
