What Makes A Buyer "Qualified" To Buy Your
Laclede County Missouri Home
Have you been talking to people who can buy your home? There's a little more to it than the buyer simply wanting to purchase a home of their own. The number one reason a buyer that is interested in your home will not be able to purchase it is due to their inability to obtain financing. Most buyers who are denied a home loan at their bank do not realize they have other options. There are finance companies that specialize in home loans for those with perfect, or not so perfect credit. There are programs available for those without large sums of money for a down payment to make a home purchase.
Lenders require information from potential buyers to find out what amount of a house payment can be afforded. They use certain formulas to determine how much mortgage to offer.
A "qualified" buyer is one that has met all requirements of credit worthiness and income guidelines and has been granted approval for financing. The now "qualified" buyer is given an amount his payments should not exceed, therefore he must search for properties that meet his specific lending amount guidelines.
Depending on the loan type the buyer is using, the property they wish to purchase may also have certain requirements to be met. Some loan types require the home and property to go through and pass an inspection.
For these reasons, more than 80% of all qualilfied buyers select an experienced REALTOR to assist them in finding a property that meets their income requirements and will pass the inspection (if needed). A REALTOR has access to hundreds of listed properties ensuring a quick purchase of the buyer's dream home at a price they can afford. A REALTOR also knows what mortgage programs are available to the buyer with less than perfect credit and the different lender's that offer these programs.
Questions about financing or qualified buyers? Feel free to give me a call or send me an email. I'd be happy to answer any questions you may have and help you in any way I can.