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Khalfani Sullivan is looking to sell his home in East Flatbush, Brooklyn. While he hopes to sell it for the highest possible price, he says finding the most qualified buyer is actually more important.

"You have to be realistic about thinking about what types of people will qualify - pre-approved buyers as opposed to pre-qualified buyers - and what will work out best for [you] at the end of the day," says Sullivan.

In this market, many sellers are so happy to have a nibble on their property that they take the first or highest offer. Yet if the highest bidder is not the most qualified, the seller could end up paying the price if the deal falls through.

"There are issues for a seller if you make the mistake of choosing the wrong buyer," says President of CEO John Reinhardt of Fillmore Real Estate. "They are financial because you have the house off the market for a period of time, and we happen to be in declining market where they still predict the market is going down. So be careful of that, plus your time which is valuable, and emotionally it can be straining on your life."

Reinhardt says now more than ever, sellers need to scrutinize the financial backgrounds of potential buyers, especially those who need a mortgage to buy the home.

"Credit has to be impeccable. Their down payment, and not only what they state will be the down payment, but let's look at the actual source of funds," says Reinhardt. "Where is that down payment coming from?"

Also look at the buyer's income and job security. Find out the likelihood that the buyer will still have a job by time you close.

If the buyer is selling property in order to purchase yours, make sure you investigate your buyer's buyer as well.

"You have to look at the purchaser who is purchasing that property. Look at it, look at it deeply and then look at it again," says Reinhardt. "Make sure that the people that are purchasing their house are already approved and committed by a bank. If they are not, you are risking a lot."

Also consider a closing date, to make sure you and the buyer are on the same page. This is especially necessary if you need to be out by a specific date or if you need to stay longer.

If you are nervous about a buyer's financing, put a clause in the contract that sets a deadline for that person to lock in a mortgage, or you can get out of the deal.

If you live in a co-op, in addition to checking finances, make sure that buyer is a viable candidate who can pass the board.

So, just because the price is right doesn't mean you should be sold on a buyer.