What to Look For in a Home Buyer

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