Choosing a buyer when selling a property: how to find the right one

Finding the right buyer for your property: Step-by-step guide

If you have made the decision to sell your property due to your age, you want to make sure that the house in good hands passes over. But how do you separate serious prospective buyers from „viewing tourists“? And how do you ensure that the buyer really is solvent? Here are the most important steps for a successful buyer selection.

Step 1: Avoid sightseeing tourism

In order to avoid unnecessary viewings, you should Criteria for selection of the interested parties:

• Ask for Complete contact details before you make an appointment.
• Give interested parties a Questionnaire which contains information on people moving in, price expectations and financing options.
• Utilisation of Online tools such as 360-degree viewings, where contact details must be provided, also helps with the pre-selection process.

Tip: Anyone who provides incomplete or vague information is usually not a serious buyer.

Step 2: Check the creditworthiness of prospective buyers

The Financial security of the buyer is crucial. A credit check helps you to ensure that the prospective buyer can actually afford your property. The following documents are important for this:

• Self-disclosure: Proof of creditworthiness from recognised credit agencies (e.g. SCHUFA, Creditreform).
• Proof of assets: Account and deposit statements or business documents for self-employed persons.
• Financing commitment from the bank: This must be issued specifically for the purchase of your property.

Tip: Only accept financing commitments that are clearly linked to your property in order to avoid misunderstandings.

Step 3: Final selection of the buyer

If there are several solvent potential buyers to choose from, you have various options for determining the right buyer:

• First-Come-First-Serve: Whoever comes first with a secured purchase offer receives the property.
• Sympathy and neighbourliness: Consider whether the buyer fits in well with the neighbourhood or whether there is personal sympathy.
• Fair decision-making process: If in doubt, draw the lot or make a decision in line with your own ideas.

In the case of apartment blocks or condominiums, the Community of owners must approve the buyer in advance. Please also note that all payments in the purchase contract must be listed in order to avoid problems with the tax office.

Conclusion: How to sell your property with a good feeling

If you proceed systematically and check all the important criteria, you will not only find a solvent buyer, but also someone who appreciates your property. So you can leave your beloved home with a good feeling in trustworthy hands handed over.