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. As a general rule,
Buyers speak with a Lender before looking at property in order to
determine what they can afford. When your HomeSmart Agent presents an
offer to you, it should be accompanied by a letter or pre-approval form
signed by the Buyer's Lender.
Should you decide
to accept an offer from this Buyer, and the house goes into escrow;
your HomeSmart Agent will speak with the Lender in order to confirm
that the mortgage can be obtained under the terms of the purchase
contract. Here are some important questions that your HomeSmart Agent
will ask the Lender:
- Does the Buyer have enough credit to qualify?
- Does the Buyer's debt-to-income ratio allow them to qualify for this mortgage?
- Does the Buyer have enough money to pay for the closing costs and down payment?
Once
these questions have been answered, you can move forward with the
closing process, knowing that the Buyer will most likely be prepared
with a mortgage at the close of escrow.
Remember…it's a Smart Move with HomeSmart!
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