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.

1. Has the buyer 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 percent 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.

6216 LODEWYCK ST Detroit Price: $20000 Short Sale! Offer already up to the bank. Beautiful home, well maintained. Owners must be present for all showings, after 6pm only please.

4505 CHADSWORTH ST COMMERCE TWP Price: $177500 Beautiful & Move in Ready! Short Sale Approval required!24 hour notice for showings! Nearly 3000 sq ft of living space! Large windows & rooms. Seperate dining & breakfast room on each side of the kitchen make serving a breeze. Gorgeous master bedroom with a total of 5 closets (3 large, 1 W/I & linen) Custom bath w/ceramic tile & granite counters, jetted tub, seperate shower, builtin dressing table. Corner lot-treed for privacy w/ tiered deck & paver patio. Rare find call now!