What Do You Do When You Get An Offer In An FSBO Open House?

You've decided to sell your home yourself and have an open house so people can see it. Potential buyers come and you get an offer. What do you do now?

Qualifying Your Buyers

Your home is looking sharp and you've got the word out telling people about the open house. You should then be prepared on what to do if a qualified buyer will come and want to buy your home.


Usually, qualified buyers have a strong lender letter. If a qualified buyer wants to buy your home, you can proceed to the next step. Now there may be people who would like to buy your home but don't have a lender letter yet. Here's how to handle that:

Before you schedule your open house, call a number of lenders. Inform them that you're to have an open house and you'd like to have a lender during that time to help buyers figure out what they can afford, including those who don't want to buy your home. You should also tell them that you'd like their help in evaluating any lender letter you're offered by a potential buyer. You should choose the lender that you are most comfortable with and work out a date that's acceptable for you both for the open house.

Introduce all your visitors to the lender. This often proves to be helpful to you, some of the buyers who attend and can be a source of additional loans for the lender. Everybody will win.

Prepare Your Course Of Action

You need to know how you want to handle a contract should someone want to make an offer. Do you have an attorney to draw a contract? Would you rather use a contract form? If yes, then have on ready. Is there a specific settlement company that you'd like to use? So make sure you take care of these things beforehand. Buyers may have ideas and connections of their own. You should be open for negotiation if your potential buyer has suggestions, but you must also be prepared in case he doesn't really know how to go on. The point is to plan your course of action in advance.

When Closing

FSBO sellers usually worry about if they will have visitors during their open houses. They will be so happy when people arrive. Such happiness can turn to embarrassment when an offer is made and the FSBO seller isn't sure how to handle it. If you think positively and prepare, this need not happen to you.

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