Home sellers are getting ghosted at record rates. In June, over 57,000 U.S. home-sale agreements were canceled — about 15% of all contracts, according to recent Redfin data.
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While there are elements that are out of a seller’s control in these situations, there are some things sellers can do to make it much less likely that a buyer will ghost. Sam DeBianchi LaViola, a real estate mogul and former “Million Dollar Listing Miami” star, shared her top tips for getting a buyer to follow through with a sale.
Verify the Buyer’s Finances
Sellers should not only ask for preapproval letters, but also ask for proof of funds to verify buyers can afford the down payment and additional expenses like taxes and insurance.
Get Every Offer in Writing
Sellers should require all offers to be in writing. When people put things in writing, there’s a lot more thought and seriousness that comes with it, and generally deals have a better chance of coming together when initially done in writing.
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Give Buyers Time To Inspect
Sellers should consider allowing for longer due diligence periods so buyers can feel more confident in what they are buying, rather than feel rushed into having to make decisions on whether or not they want to take on a potential project, renovation or repair.
More times than not, buyers will disappear if they feel pressured to make a decision quickly. What may seem like a simple repair to a seller may be a bigger deal to a buyer, so giving them a reasonable amount of time — seven to 14 days, depending on the property — for an inspection is key.
And remember, if one buyer has an issue, the next buyer likely will too. Address it with a good due diligence period to prevent repeat problems.
Know Your Home’s Strengths and Flaws
Sellers should have a list of upgrades and features ready for the buyer to review so they understand the value behind their purchase. This can also help a seller play into their home’s best features, and help diminish any “lesser” features.
However, sellers should also be aware of their home’s less attractive selling points, such as a super small bedroom, and have ideas for how to combat these things — for example, staging a small bedroom to show the space it does have and what it can fit. [This prevents] a buyer from second guessing its possibilities.
Work With a Skilled Communicator
Sometimes buyers ghost simply because of lack of communication, and sometimes the seller just doesn’t know what to do or say to keep a deal alive. Consider working with a realtor who does.
A good experienced realtor will be knowledgeable in communicating everything so that the buyer feels comfortable and secure in what they’re buying. Hiccups in a transaction can occur, but nothing should be a roadblock.
Everything can be fixable in a transaction. It’s all about compromise and ensuring that everyone feels like they are getting a “win.”
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This article originally appeared on GOBankingRates.com: I’m a Florida Realtor: Here’s How To Stop Buyers From Ghosting Your Home Sale
