When your home is on the market, must you show it to anyone who knocks? - - - Not a bit.

You can't screen out buyers just because they belong to classes protected under fair housing laws (and of course we know you wouldn't want to) -- race, religion, children, disability and the like.

But you have every right make one simple request -- that everyone who comes to look at house is someone financially capable of buying it.

That's one of the major services a real estate broker provides. When they first meet househunters, brokers go through the process known as "qualifying." They ask whether the buyers are looking for an older home or a new one, if a fireplace is important, whether a large lot or a small one is preferred, and--

What is the buyers' income, what debts do they have, how much cash is available for down payment, do they presently own a house they'd have to sell? Have they ever gone through bankruptcy, are there any outstanding judgments?

Then the broker applies the same standards used by lending institutions, to see how much the prospects could borrow, and makes a recommendation on the price range they can probably afford.

If you're selling on your own, as a FSBO (For Sale By Owner) a, you need to ask some of the same questions. If you find it difficult to talk about money, you're going to have a hard time negotiating with the right buyer.

And without this qualifying process, you, the buyers, and if you have one, your agent, are all just spinning your wheels, wasting your time.

But with this screening, qualifying the buyer, you can be confident that you are opening your house to people who -- if it turns out they like the place -- are financially able to buy it.

I'm Edith Lank, and I wish you good luck.

Real Times Sellers' Advice

Published: April 1, 1999

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