In assuming responsibility for selling your own house, you have the additional task of evaluating not just your land, but the people who wish to bid on it. If you are holding an open house or bringing prospective customers on a private tour of your home, you may be excited about the possibility of instantly getting a offer. View us on Fort Worth home buyers.
However, before you pop open the champagne bottle and toast a satisfactory deal, it is necessary to take into account a number of factors when courting a home buyer. First do your homework, so stop any problems when it comes to writing a deal.
Here are a few things to consider when evaluating potential purchasers before you prepare to sell. When you are not renting to a real estate dealer, it’s always helpful to get the help of a home loan officer.
Cash Flow-How will the buyer pay you for the home? Is there a sizeable down payment? Will the buyer be required to apply for home loans, and will he qualify if he does? Does the seller have a career or other steady income means to make payments with? Is he a stable employee with excellent credit rating. If you’re selling your home to someone, you’ll definitely want to know if he’s decent at paying the mortgage.
Required Resources-Assets that relate to different things when it comes to making a large purchase. Liquid assets can be defined by cash ready or items that can be sold for cash to make up payments quickly. This group may include vehicles, aircraft, jewellery and other luxury items.
In the case that a potential buyer will default on a mortgage payment, it is advisable to check in advance to see what properties the investor has.
Current Liabilities-Debt is, sadly, a fact of life. We have all had to work at one level or another to offset the bills. These risks should be taken into account when interviewing potential bidders or selling a house. A loan officer will help you determine if there is a large amount of debt or obligation in a potential buyer that can influence credit rating. Alimony and child support, college loans, automobile and credit card payments, and other unpaid loans are considered to be commitments.
History of Credit-This principle works hand in hand with obligation. If a buyer has to pay out other debts, how regular is he with payments? Has he defaulted on any previous loans? Had he declared bankruptcy before. Always factor to any potential buyer’s financial health.
Economic Experience and Security-Where in the past did the buyer stay in? Did he stay in the same area for a long time or did he move from town to town for reasons unrelated to work? Character stability is of equal importance to financial solvency. In this case it would be wise to consult with an attorney or legal specialist to find out which disclosure laws apply to you.