Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage or has cash to pay for the home, you may not really have a sale. As a general rule, buyer’s speak with a lender before looking at property in order to determine what they can afford. When House Facts Home-Selling Team presents an offer to you, some sort of letter or pre-approval form signed by their Lender will accompany it. If it is a cash buyer we will require proof of funds.
Before you decide to accept an offer from a buyer, and before the house goes into escrow, we 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 we 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.