Here’s what sellers need to know about vetting buyers’ offers.
Moving is an exciting process, especially once you’ve done all the hard work and started receiving offers on your home. However, know that just because you received an offer doesn’t mean your buyer is good for the money.
The truth is that part of your Realtor’s job should be vetting buyers to make sure they are qualified. For example, a good buyer should be pre-qualified or, even better, pre-approved. They should also have enough money to cover both the down payment and closing costs. Many buyers try to get around financial hurdles by putting less money down, but in this case, they’ll need to purchase mortgage insurance.
As a general rule, buyers should not spend more than 28% of their total income on a home purchase. While there’s no way for you to know their income based on an offer, a quality agent can help you examine potential buyers and ensure you get a great deal.
Call or email me with any questions about this topic. In the meantime, don’t hesitate to reach out; I look forward to hearing from you!
