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GREAT DEALS ARE HERE! CALL THE FRIENDLY TEAM OF DORIS WHITE REALTY! (772) 465-9500 or (800) 305-2911 |
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Courtesy of Doris White, REALTOR®
For FSBOs: 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:
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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.
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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.
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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).
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Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
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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.
www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved. www.REALTOR.org/realtormag Page 54 Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.
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At DORIS WHITE REALTY, INC our goal is YOUR satisfaction! We look forward to responding to your communication just as quickly as possible.However, if you would like immediate assistance, please call our office at (772) 465-9500 or toll-free at (800) 305-2911. Our Real Estate professionals are ready and willing to assist you in all your Real Estate needs.
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