What defines a ready, willing, and able buyer?

A ready, willing, and able buyer is defined primarily by their preparedness and commitment to purchase property on the seller's terms. This means that such a buyer is not just passively interested but is actively ready to enter into a contract and follow through with the purchase if the right property becomes available. This readiness involves understanding the seller's terms and being prepared to negotiate or proceed with the transaction based on those conditions.

The aspect of being "willing" emphasizes the buyer's readiness to move forward with the acquisition, while “able” signifies that they have the financial capability to complete the purchase. Although having sufficient funds or being pre-approved for a mortgage can support this ability, the essence of a ready, willing, and able buyer lies more in their overall preparedness and determination to make the purchase happen. This distinguishes them from mere interested parties who may not be ready to take the necessary steps to purchase a property.