| 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 your | | | | into this category. |
| property, but the people who wish to bid on it. Whether | | | | In the possible event a potential buyer may default on |
| you are hosting an open house or taking potential | | | | a mortgage payment, it is recommended to check in |
| buyers on a private tour of your home, you may be | | | | advance 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 and | | | | point or another, we all have had to work to cover |
| celebrate a pending contract, however, it is necessarily | | | | payments. When selling a house, such liabilities should |
| to take a number of factors into consideration when | | | | be taken into consideration when interviewing potential |
| courting a home buyer. Do your research first, and | | | | bidders. A loan officer can help you determine if a |
| prevent any headaches when it comes time to draft a | | | | potential 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 few | | | | college loans, credit card and automobile payments |
| things to consider before you prepare to sell. It is | | | | and other unpaid loans are considered liabilities. |
| handy, too, to have the assistance of a mortgage loan | | | | Credit History - This consideration works hand in hand |
| officer if you are not selling through a real estate | | | | with 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 for | | | | any 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 so | | | | every potential buyer. |
| will he be able to qualify? Does the buyer have a job | | | | Personal History and Stability - Where has the buyer |
| or other means of steady income with which to make | | | | lived in the past? Has he remained in the same area |
| payments? Is he a stable employee with a good credit | | | | for a long time, or has he jumped from city to city for |
| rating. If you intend to sell your home to someone, you | | | | reasons unrelated to work? Stability of character is as |
| definitely want to know if he is good to pay the | | | | important 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 things | | | | which disclosure laws apply to you in this case. |
| where making a large purchase is concerned. Liquid | | | | With careful vigilance of potential buyers, you will be |
| assets may be defined by ready cash or items that | | | | able to determine the right person to buy your home. |
| can be sold quickly for cash to make up payments. | | | | |