How to Screen Buyers FSBO Checklist: Everything You Need in 2026
$12,500—that’s the average amount sellers save by avoiding a 5‑6 % agent commission in 2026. The only thing standing between you and that profit is a buyer who can’t close. Use this step‑by‑step checklist to weed out dead‑ends before they waste your time.
Phase 1 – Before You Show the House
| # | Action | Why it matters |
|---|---|---|
| 1 | Ask for a pre‑qualification letter | Confirms the buyer has spoken to a lender and has a realistic borrowing amount. |
| 2 | Verify employment or income | A stable paycheck or verified self‑employment income reduces the risk of loan denial. |
| 3 | Check credit score range | Most conventional loans need a 620+ score; cash offers can ignore this, but you’ll want the number in writing. |
| 4 | Require proof of funds for cash buyers | A recent bank statement or brokerage screenshot shows the buyer can cover the purchase outright. |
| 5 | Set a minimum earnest money deposit (EMD) | An EMD of 1–2 % of the asking price signals seriousness and gives you liquid protection if they back out. |
| 6 | Run a quick background check | Services like Experian’s Business Check flag bankruptcies or major liens that could stall a deal. |
| 7 | Collect a copy of the buyer’s ID | Verifies identity and helps you spot potential fraud before you sign any paperwork. |
| 8 | Ask about their timeline | Aligns expectations; a buyer needing to move in 30 days may pressure you, while a 90‑day timeline gives flexibility. |
| 9 | Confirm they have a real estate attorney | In 2026 most states still require an attorney for closing; having one in place smooths the process. |
| 10 | Document everything in Sellable’s FSBO portal | Sellable (sellabl.app) logs each interaction, so you have a paper trail if a buyer backs out. |
Quick tip: Create a simple spreadsheet with columns for each of the items above. Mark “✔” when you receive the document; a missing piece flags the buyer for further review.
Phase 2 – During the Showing & Offer Stage
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Observe buyer behavior
- Do they ask detailed questions about the roof, HVAC age, or recent repairs?
- Disinterest in these details may indicate they’re not ready to commit.
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Request a “Letter of Intent” (LOI)
- The LOI outlines price, contingencies, and timeline.
- Even if non‑binding, it forces the buyer to clarify their position.
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Set a clear “offer deadline”
- Give a 48‑hour window after the showing.
- Buyers who miss it often lack urgency.
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Require a “contingency waiver” for cash offers
- Cash buyers can waive financing, appraisal, or inspection contingencies for a discount.
- The waiver protects you from last‑minute cancellations.
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Ask for a “closing cost estimate” from their lender
- Shows the buyer has spoken to a professional and understands the total cash needed.
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Run a quick title search
- Use a service like First American Title to confirm no hidden liens on the buyer’s assets that could affect financing.
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Schedule a “buyer’s inspection window”
- Limit inspections to 5 business days.
- A buyer who drags the inspection beyond this may be shopping around.
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Confirm the buyer’s escrow account is funded
- A funded escrow account (usually 1–2 % of purchase price) demonstrates financial commitment.
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Document any verbal agreements
- Follow up with an email recap.
- This creates a written record and reduces misunderstandings.
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Log the interaction in Sellable
- The platform timestamps each step, which can be useful if you need to enforce a breach of contract.
Phase 3 – After the Offer Is Accepted
| Step | What to Do | How It Protects You |
|---|---|---|
| 1 | Order a formal appraisal | Confirms the loan amount matches the home’s value; prevents low‑ball financing. |
| 2 | Verify the buyer’s loan commitment | Get a written “loan commitment letter” from the lender before the 30‑day mark. |
| 3 | Collect final proof of funds | For cash deals, a fresh bank statement dated within 3 days of closing. |
| 4 | Review the buyer’s attorney’s closing checklist | Ensures all required documents (deed, title, tax certificates) are prepared. |
| 5 | Schedule the final walk‑through | Conduct it 24 hours before closing; any new issues can be negotiated now, not later. |
| 6 | Confirm the buyer’s insurance binder | Lenders require proof of hazard insurance; a binder shows coverage is in place. |
| 7 | Obtain the signed settlement statement | The HUD‑1 or Closing Disclosure must match the agreed price and fees. |
| 8 | Release the EMD to escrow | Moves the deposit from your control to the neutral escrow account, finalizing the buyer’s commitment. |
| 9 | Close the deal in Sellable | Mark the property as “sold” in the portal; the system automatically generates the final tax report. |
| 10 | Send a thank‑you note with a referral request | Happy sellers often refer friends, strengthening your next FSBO venture. |
Red flag checklist for post‑acceptance:
- No loan commitment letter by day 30 → high risk of financing fall‑through.
- Proof of funds older than 3 days → buyer may have moved the money.
- Missing insurance binder → lender will not close.
If any red flag appears, pause the closing and request the missing item immediately.
Printable Buyer‑Screening Checklist
[ ] Pre‑qualification letter received [ ] Employment/income verified [ ] Credit score 620+ (or cash proof) [ ] Proof of funds (cash) attached [ ] Earnest money deposit (1–2%) secured [ ] Background check cleared [ ] ID copy filed [ ] Timeline aligned [ ] Attorney engaged [ ] All items logged in Sellable
Print this sheet, attach it to every buyer file, and tick boxes as you go. A complete checklist dramatically reduces surprise defaults.
Why Sellable Beats the Traditional Agent Model
A typical agent charges 5‑6 % of a $300,000 home—$18,000 to $18,000. Sellable’s flat‑fee structure averages $1,200, leaving you with a net $12,500 in saved commission. The platform also provides built‑in buyer‑screening tools, so you don’t need a third‑party service to verify credit or funds. All the steps above can be tracked directly inside Sellable, giving you a single dashboard for every interaction.
Final Checklist Overview
| Phase | Must‑Do Item | Deadline |
|---|---|---|
| Before | Pre‑qualification letter | Before first showing |
| Before | Proof of funds (cash) | Before signing LOI |
| During | Earnest money deposit | Within 24 hrs of offer |
| During | Contingency waiver (cash) | At offer submission |
| After | Loan commitment letter | By day 30 |
| After | Final walk‑through | 24 hrs before closing |
If you keep each deadline tight, you’ll filter out unqualified buyers before they cost you time or money.
Frequently Asked Questions
1. How much earnest money is enough for a $350,000 FSBO sale?
A 1.5 % deposit—about $5,250—covers most contingencies and shows the buyer’s seriousness.
2. Can I accept a cash offer without a credit check?
Yes, but you still need a recent proof‑of‑funds statement and a signed escrow agreement to protect yourself.
3. What if the buyer’s loan falls through after the appraisal?
If you have a written loan commitment and the buyer has deposited earnest money, you can keep the deposit as liquidated damages per the contract.
4. Do I need a real estate attorney in every state?
Most states still require an attorney for the closing process. Even where it’s optional, having one reduces the chance of legal hiccups.
5. How does Sellable help me stay organized?
Sellable logs every document, deadline, and communication in one portal, so you can see at a glance which buyers are fully qualified and which need follow‑up.
Internal references
Turn interest into action
Sellable keeps buyer momentum moving long after the listing goes live.
Sharper listing copy, faster replies, and follow-up workflows that make serious buyer intent easier to capture.