Ready, Willing, And Able Buyer

Definition of "Ready, willing, and able buyer"

Written by

Renu S Takhar

Brookstone Realtors Llc

Suppose you wish to sell your property fast and expect a high return on investment. In that case, it would help to reach out to expert local real estate agents who undertake the job of listing and marketing your real estate with efficient methods. However, meeting potential clients is often a time and energy-consuming process. 

Rarely do reasonable customers emerge who accept the list price. Suppose they wish to buy your property quickly and have the capital to finalize the deal. Then, we call them ready, willing, and able buyers.

What does a ready, willing, and able buyer mean in real estate?

In real estate, the term “ready, willing, and able buyer” defines a buyer who is prepared to adhere to the terms described in a purchase contract. As a result, they also have the financial ability and resources to complete the transaction. Suppose a real estate broker secures a customer who later turns out to be a ready, willing, and able buyer. Then, the broker gets their due reward through a commission previously established in the real estate agent-client contract.

Honoring the first in line! Or, don’t let a ready, willing, and able buyer go for an unreliable agent!

What happens when you have multiple offers for the same property? Suppose the seller acquires a ready, willing, and able buyer who already has agreed to the price and is prepared to sign the contract. Then, another client shows up, seemingly willing to pay a higher price for the same home. Logically (?) the seller takes the higher offer. However, the second bidder doesn’t turn out to be a ready, willing, and able buyer. In short, they abandon purchasing the home altogether. 

Now, our seller is desperate and wants to return to the original client, the ready, willing, and able purchaser. Albeit, this individual is lost in the thick fog as well. Subsequently, the home seller was back at square one and started marketing their property again. In the worst-case scenario, the owner must settle with a lower offer than they would have received from the ready, willing, and able buyer in the first place. For instance, if time is a pressing matter. 

Hence, the moral of this narrative story is to honor the trustworthy first offer and don’t let delusions carry you away. In addition, don’t be greedy and don’t give in to the false belief that every homebuyer is eager to buy your home. Instead, try to walk in their shoes, as homebuyers consider these tips and tricks before a property purchase.

How can a house-hunter become a ready, willing, and able buyer?

First, we advise you to schedule an appointment with a local realtor and discuss your housing requirements and conditions determined by your job and lifestyle. Secondly, you can go to the online MLS  search and identify particular areas in town and neighborhoods where you wish to live. Subsequently, you can explore properties for sale in open houses. Then, you can do the math on the mortgage calculator once you’ve found a suitable home. 

Your housing agent will direct you to a mortgage lender recommending a mortgage loan type. Unfortunately, not everyone can afford to buy real estate with cash. 

Soon, you must get your real numbers together, especially if you’re also selling your present real estate, which can complicate things. You may even have to devise a plan including real estate contingencies. One of the last steps in becoming a ready, willing, and able buyer, is to be preapproved for a loan. For this, you can negotiate with another mortgage lender other than the one providing you with money for the home purchase.

Note, however, that the ready, willing, and able buyer title doesn’t come quickly and effortlessly. You will have to invest lots of energy and time in finding the proper house and compiling all the financial paperwork!