Is Your Buyer Qualified?

James E. Bohne, Jr.
Greater Ogden REALTOR^®

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For Sale by Owner
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.

Advice for selling your home:

• Tips on Pricing Your Home

• Open House Tips for FSBOs

• 17 Service Providers You'll Need When You Sell

• Forms You'll Need to Sell Your Home

Return to: For Sale by Owner

For the next best thing to hiring a REALTOR™, I recommend FSBO.com:

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James E. Bohne, Jr., REALTOR® Mobile: (801) 791-9579 Office: (801) 476-9500 Fax: (801) 476-9581 E-mail: j.e.bohne@att.net

Crest Realty Inc. Equal Housing Opportunity. Equal Opportunity Employer.

Copyright © 2005, James E. Bohne, Jr., All Rights Reserved