Receiving an offer on a property may feel like a major step towards closing the sale) but (one of the biggest risks property professionals and homeowners face is accepting an offer from a buyer who ultimately cannot complete the transaction property professionals warn that one of the biggest risks sellers face is accepting offers from buyers who ultimately cannot complete the transaction.
"I’m quite strict with this because wasted time costs sellers money. Before we even get excited about an offer, I want to understand the buyer’s position properly," says Jacques Vorster, Principal of Century 21 Helderberg.
Vorster says that, if it’s a financed deal, he works closely with bond originators to establish affordability upfront. "I want to know whether the buyer has actually been pre-qualified or if they just 'feel confident'. For cash buyers, I request proof of funds early in the process. Unfortunately, in real estate, everyone says they’re a cash buyer until you ask for the bank statement.
"I also look at the bigger picture — timelines, deposits, FICA compliance, whether there are properties that still need to be sold, and whether the purchaser understands the actual costs involved. A strong deal is not just about the price; it’s about the buyer’s ability to perform," he says.
Why accepting the wrong buyer can cost sellers months
According to Antonie Goosen, principal and founder of Meridian Realty, properly vetting buyers has become one of the most important parts of the modern sales process.
“A signed offer means very little if the buyer cannot actually perform,” says Goosen. “The real question is whether the transaction can realistically reach successful transfer.”
Goosen says experienced estate agents assess far more than just the purchase price when evaluating offers. “The quality and credibility of the buyer are absolutely critical. A slightly lower offer from a highly qualified buyer is often far safer than a higher offer loaded with uncertainty.”
One of the first areas Meridian Realty evaluates is financial readiness. “We want to understand whether the buyer already has bond pre-approval, what deposit is available, and whether affordability has been properly assessed.”
Goosen says pre approved buyers generally provide significantly greater confidence. “A pre-approval is not a guarantee, but it does indicate that the buyer has already undergone an initial affordability and credit assessment.”
Proof of funds also plays an important role, particularly for cash buyers or buyers paying large deposits. “We verify that the funds genuinely exist and are accessible. Serious buyers usually understand why this process is necessary.”
Goosen says employment stability and income consistency may also become relevant, particularly in higher value transactions. “Banks scrutinise financial stability carefully, especially in uncertain economic conditions. Buyers with unstable income structures may face additional approval challenges.”
Another important factor is whether the buyer must first sell an existing property. “Subject to sale offers" introduce additional complexity because another transaction must succeed before the purchase can proceed.”
Goosen says these situations require close monitoring and realistic timelines. “We assess how marketable the buyer’s current property is, whether it is already listed, and how realistic the asking price appears.”
According to Goosen, buyer behaviour during the negotiation process can also reveal a great deal. “Serious buyers tend to provide documentation quickly, communicate clearly, and remain actively engaged throughout the process.”
Repeated delays, inconsistent information or reluctance to provide financial verification may indicate potential problems. “You want buyers who demonstrate commitment and transparency from the beginning.”
Goosen says professional relationships with bond originators and conveyancing attorneys also help strengthen the vetting process. “Strong collaboration between agents, originators and attorneys helps identify potential risks before they become major problems.”
He says sellers often underestimate the financial and emotional cost of failed transactions. “When deals collapse weeks into the process, sellers lose valuable market momentum, and in some cases other interested buyers may have already have moved on.”
Goosen says proper vetting protects both sellers and genuine buyers. “A well managed process creates greater certainty for everyone involved and reduces the likelihood of unnecessary delays or disappointments.”
He believes the property industry has become far more financially disciplined in recent years. “Given the economic environment and stricter lending conditions, careful buyer qualification is no longer optional. It is absolutely essential.”
Goosen says successful sales are ultimately built on certainty and preparation. “The strongest transactions are usually the ones where the financial position, timelines, and expectations are properly understood from the very beginning.”
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