Daniel Ward 612-790-3157

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      • The Loan Process
      • Mortgage Glossary
      • Calculators
      • Metro Schools
    • Sellers
      • Metro Markets
      • What is my home worth?
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Is Your Buyer Qualified?

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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 the following:

  1. Has the buyer been prequalified or preapproved (even 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 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.

Contact Dan

Dan Ward

REALTOR®
Coldwell Banker Realty
235 E Lake St,
Wayzata Office, Wayzata
MN 55391-1608
Mobile Ph: 612-790-3157
Direct: (952) 476-5414
danwardhomes.com
dward@cbburnet.com

Contact Us

Dan Ward

REALTOR®
Coldwell Banker Realty
235 E Lake St,
Wayzata Office, Wayzata
MN 55391-1608
Mobile Ph: 612-790-3157
Direct: (952) 476-5414
danwardhomes.com
dward@cbburnet.com
Contact


Licensed In Minnesota
All information deemed reliable but not guaranteed and should be independently verified.
2016 Dan Ward