| In taking on the responsibility of selling | | | | |
| your own home, you have the added task of | | | | In the possible event a potential buyer may |
| appraising not only your property, but the | | | | default on a mortgage payment, it is |
| people who wish to bid on it. Whether you are | | | | recommended to check in advance to see what |
| hosting an open house or taking potential | | | | assets the buyer has. |
| buyers on a private tour of your home, you | | | | |
| may be excited at the prospect of receiving a | | | | Current Liabilities - Debt is, sadly, a fact |
| bid immediately. | | | | of life. At one point or another, we all have |
| | | | had to work to cover payments. When selling a |
| Before you pop open the champagne bottle and | | | | house, such liabilities should be taken into |
| celebrate a pending contract, however, it is | | | | consideration when interviewing potential |
| necessarily to take a number of factors into | | | | bidders. A loan officer can help you |
| consideration when courting a home buyer. Do | | | | determine if a potential buyer has a certain |
| your research first, and prevent any | | | | amount of debt or liability that may affect |
| headaches when it comes time to draft a | | | | credit rating. Alimony and child support, |
| contract. | | | | college loans, credit card and automobile |
| | | | payments and other unpaid loans are |
| When evaluating potential buyers, here are a | | | | considered liabilities. |
| few things to consider before you prepare to | | | | |
| sell. It is handy, too, to have the | | | | Credit History - This consideration works |
| assistance of a mortgage loan officer if you | | | | hand in hand with liability. If a buyer does |
| are not selling through a real estate agent. | | | | have other debts to pay, how regular is he |
| | | | with payments? Has he defaulted on any loans |
| Cash Flow - How does the buyer plan to pay | | | | in the past? Had he once declared bankruptcy. |
| you for the home? Is there a sizable down | | | | Always factor in the financial health of |
| payment available? Will the buyer need to | | | | every potential buyer. |
| apply for home loans, and if so will he be | | | | |
| able to qualify? Does the buyer have a job or | | | | Personal History and Stability - Where has |
| other means of steady income with which to | | | | the buyer lived in the past? Has he remained |
| make payments? Is he a stable employee with a | | | | in the same area for a long time, or has he |
| good credit rating. If you intend to sell | | | | jumped from city to city for reasons |
| your home to someone, you definitely want to | | | | unrelated to work? Stability of character is |
| know if he is good to pay the mortgage. | | | | as important as financial solvency. It would |
| | | | be wise to consult with an attorney or legal |
| Available Assets - Assets may refer to | | | | specialist to know which disclosure laws |
| various things where making a large purchase | | | | apply to you in this case. |
| is concerned. Liquid assets may be defined by | | | | |
| ready cash or items that can be sold quickly | | | | With careful vigilance of potential buyers, |
| for cash to make up payments. Cars, boats, | | | | you will be able to determine the right |
| jewelry and other luxury items may fall into | | | | person to buy your home. |
| this category. | | | | |