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What to Look For in a Home Buyer

In taking on the responsibility of selling
your own home, you have the added task ofIn the possible event a potential buyer may
appraising not only your property, but thedefault on a mortgage payment, it is
people who wish to bid on it. Whether you arerecommended to check in advance to see what
hosting an open house or taking potentialassets  the  buyer  has.
buyers on a private tour of your home, you
may be excited at the prospect of receiving aCurrent 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 andhouse, such liabilities should be taken into
celebrate a pending contract, however, it isconsideration when interviewing potential
necessarily to take a number of factors intobidders. A loan officer can help you
consideration when courting a home buyer. Dodetermine if a potential buyer has a certain
your research first, and prevent anyamount of debt or liability that may affect
headaches when it comes time to draft acredit rating. Alimony and child support,
contract.college loans, credit card and automobile
payments and other unpaid loans are
When evaluating potential buyers, here are aconsidered  liabilities.
few things to consider before you prepare to
sell. It is handy, too, to have theCredit History - This consideration works
assistance of a mortgage loan officer if youhand 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 payin the past? Had he once declared bankruptcy.
you for the home? Is there a sizable downAlways factor in the financial health of
payment available? Will the buyer need toevery  potential  buyer.
apply for home loans, and if so will he be
able to qualify? Does the buyer have a job orPersonal History and Stability - Where has
other means of steady income with which tothe buyer lived in the past? Has he remained
make payments? Is he a stable employee with ain the same area for a long time, or has he
good credit rating. If you intend to selljumped from city to city for reasons
your home to someone, you definitely want tounrelated 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 tospecialist to know which disclosure laws
various things where making a large purchaseapply  to  you  in  this  case.
is concerned. Liquid assets may be defined by
ready cash or items that can be sold quicklyWith 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 intoperson to buy your home.
this  category.



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