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How can FSBOs qualify buyers' offers?

If I am in a desirable neighborhood and want to sell soon, how, as a FSBO seller, can I quickly & accurately qualify a buyer who needs a mortgage (but could be turned down)? 
  • July 10 2009 - State College
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Answers (8)

You can require that all offers submitted on your home are accompanied with pre-approval from a direct lender.  My professional opinion is that you find your own lender that you feel comfortable with.  One who you may know or one that is referred to you is your best bet. In your web listing or when you speak with buyers, you simply mention that any offers submitted must cross qualify with your lender.  This way you have someone on your side making sure that your best interest is taken care of.  Any good lender would jump at the opportunity to pre-approve any buyer as it may turn out to be a great client for them.  It is a win - win situation.  It may be a buyers market, but you can still call some of the shots, especially when it comes to choosing the best buyer!  If a buyer doesn't want to agree to cross qualifying with your lender, they are most likely not a strong buyer.
  • January 19 2011
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Idos- as an alternative to asking to see a letter FROM the buyer - perhaps you can have a reputable lender already lined up who you can ask the buyer to speak with as a secondary source (with no obligation on their part).

Many larger companies (like mine) have in-house mortgage officers as a convenience for buyers. As a listing agent, I will sometimes ask the buyer to be "approved" by our in-house person, too. This way,   the sellers and I, have  additional assurance that the buyers will be able to qualify for the loan.
  • January 19 2011
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I have the guy for you!
Give me a call and I will give you your own website FREE you can always try see sample [link removed by moderator] send me an email with your address!

Thank you
Margarita Swartz
  • January 19 2011
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Require a pre approval letter from a lender. Before accepting the offer, call the lender on the letter and determine that it is an experienced full time lender who assures you that there should be no problems.

  • July 03 2010
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Ask to speak with there Mortgage company directly.
Always get a pre-qualification
Good luck
  • July 01 2010
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Definately have them bring a pre-qual letter.  This way you can weed out the "lookers". 
  • July 14 2009
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I would suggest a direct lender pre-approval. Bank of America, Wells Fargo....Bof A has an on-line tool that automates the process and also pays for most of the third party fees for the buyer. If you control who they need to be pre-approved with; you have an opportunity to follow up with your contact throughout the process. FYI - hear the truth from the source. Lenders are busy...expect no less that 30 to 45 day closing.  

The Homeowner Center
  • July 14 2009
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I would ask that any offer that comes should be accompanied by a letter of pre-approval. You could also talk to some mortgage brokers to select one that would be interested in qualifying potential buyers for you. If you proceed as a FSBO, you may be interested in this blog.
  • July 10 2009
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