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What is a “really good buyer”???

I am constantly being told by brokers bringing in offers on my listings that they have “a really good buyer”.  What is the definition of a really good buyer?  Based on closing over a BILLION dollars in investment property, here’s my definition of “A Really Good Buyer”…

A really good buyer has the following traits:

Strong focus:  They stick to the task of acquiring the property

Speed and Agility:  They react quickly to information and don’t cause delays

Decisiveness:  They make a decision.  Not every property fits every buyer.  If it’s not a good fit, they let it go and don’t tie it up longer than necessary

Strong Support:  They have an attorney that knows how to turn around a contract, review due dil info and get a deal closed

Financial Means:  They have adequate means to pay cash or finance the property.  (they don’t have to go raise money on a wing and a prayer after the contract is signed)

Patient:  They understand that there are surprises sometimes.  They know that problems can often be solved if they have patience while others work hard to solve the problem

Pleasant:  They treat the people they are working with respect and appreciate the effort

Fortunately there are a lot of really good buyers out there.  It makes our job fun!

Peter Colvin:  Chairman, Sperry Van Ness National Single Tenant Group