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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:
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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.
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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.
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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).
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Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
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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