Be sure to call JON QUIST, Tucson's BUYERS ONLY Realtor, for Buyer's Only Services* - 520-850-5995
Home Page | Contact Jon | For Buyers | Helpful Links

For FSBOs: Is Your Buyer Qualified?

Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer’s financial status before signing the contract. Ask:

  1. If the buyer has been prequalified or preapproved (better) for a mortgage. Such buyers will be in a much better position to obtain a mortgage promptly.
  2. Does the buyer have enough money to make a downpayment and cover closing costs? Ideally, a buyer should have 20 percent of the home’s price as a downpayment and between 2 and 7 percent of the price to cover closing costs.
  3. Is the buyer’s income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).
  4. Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
  5. Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.

www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.

Courtesy of Jon Quist, Realtor®, ABR, CRS, e-PRO, GRI, REALTOR® | Click here for printer-friendly format

Contact Jon

Call me now or fill in the form below!  I am available to answer your questions and give you the help you are looking for.

Jon Quist
      520-850-5995
     800-557-9798

Your Contact Info

* Required fields are blue
First Name
Last Name
E-mail
Phone

What Are You Looking For?
Property Type
Price Range
 to 
Desirable Towns, Communities or School Districts
Bedrooms
Bathrooms
Square Footage
Time Frame

Your Address
Address
City
State/Province
ZIP/Postal Code
Your Message