Qualified Buyers & Lookers...
Definition of Pre-Qualified:
A potential borrower
is “pre-qualified” when a lender completes a cursory review of the
potential borrower’s financial situation to determine if the lender can
give them a home loan.
The
loan processor will review the borrower's financial info such as the Buyer's income,
Monthly bills, and Credit History. The lender will determine the amount they can
offer, how much money they need down, what their closing costs will be, and what
their monthly payment will be.
If
a person contacts you to see your home, don't be afraid to ask, “Are you
pre-qualified?" If the person is not, ask some follow up questions that will
help determine if the person can afford your home.
Know your buyer
Find
out what is motivating the buyer. Has their lease expired? Do they need to move
quickly? Learn to ask people about their finances before you begin negotiations.
Don't be afraid to ask if they are pre-qualified for a loan and don’t entertain
buyers who could never afford your home. Research their financial security. Ask
about their job. Otherwise, you are just wasting everyone's time. But don't give
away too much information about yourself. Don't let the buyer know that your job
is relocating you 500 miles away or that you can't buy that beachfront home until
you sell your current home.
Phone
Calls
Watch out for callers
who ask if you'll take no money down or carry the mortgage, especially if they
don't seem to be interested in the amount of square footage in the house or other
important information. They may have credit issues. If they don't have a pre-qualified
mortgage, you may find yourself tied up for months in a contract that eventually
goes nowhere.
Passerbyers
Don't admit a stranger
who knocks on your door into your house. Insist on an appointment time and as
a safety precaution - a phone number, so you can "Call to confirm the appointment."
Showing your home
to passerbyers potentially opens the door to a lot of problems such as a thief
may want to see if you have any valuables or see how you have your home protected,
with locks, alarms, etc... They're not out to buy your home; they're out to rob
you.
|
