How do I know prospective buyers are truly qualified to even purchase a home?
2007-07-13 04:25:32 · 6 answers · asked by Dan S 2 in Business & Finance ➔ Renting & Real Estate
You don't. You can only ask for verification of ability to purchase. Don't bother with a pre-approval letter. I can get a ham and cheese sandwich pre-approved in less than fifteen minutes.
It is not uncommon in the real estate market to accept an offer to purchase subject to ability to obtain the needed financing.
Just insure that any contingency of this nature in the offer to purchase has a reasonably short deadline. Your property need not be off the market while this contingency is being fulfilled. You may continue to accept other offers on the house in SECONDARY POSITION ONLY.
Do not EVER accept more than one offer to purchase at a time in primary position.
2007-07-13 04:38:04 · answer #1 · answered by acermill 7 · 3⤊ 0⤋
You don't that's why people hire agents.
I would ask for a pre-approval letter from their lender, go a step further and call the lender and ask about the buyer's situation.
Terry S.
2007-07-13 10:04:43 · answer #2 · answered by Terry S 5 · 1⤊ 0⤋
Once they are approved for a mortgage, they will get a piece of paper from the mortgage company stating what they can purchase. Just ask to see that paper.
2007-07-13 04:31:22 · answer #3 · answered by sortaclarksville 5 · 1⤊ 0⤋
You Dont know. They can tell you anything they want. Realtors only show your home to qualified buyers.
2007-07-13 04:36:56 · answer #4 · answered by Robert C 2 · 1⤊ 0⤋
You don't!
Just one of the many hassles that you have to deal with when you go FSBO.
2007-07-13 04:29:46 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Get their lender to send you a pre-approval letter.
2007-07-13 04:30:53 · answer #6 · answered by QuarterRoy 2 · 1⤊ 0⤋