[youtube width=”500″ height=”400″]http://www.youtube.com/watch?v=wk0bk_24MCc&feature=share&list=UUlmUj4WWTZGLAWxct9Ux8zw&index=2[/youtube]
Parkland Real Estate agent Michael Citron discusses in this video how it is just as important to prequalify the mortgage lender as it is to prequalify the buyer! There are the questions that all listing agents should ask to help make sure that the buyer is truly qualified to purchase their seller’s home:
1. Does the buyer(s) need to sell and receive the proceeds from the sale of their current residence and receive the proceeds for the purchase of this listing or does the buyer(s) current home need to be off their credit for their debt to income ratio before closing on our listing?
2. Is the buyer self-employed or salary employed?
a. Self-Employed — Did you receive and review buyer(s) personal and business and possibly multiple business tax returns?
b. Salary Employed — Did you receive and review buyers(s) personal taxes, W2’s, and pay stubs?
3. Have you recently (within 90 days) pulled buyer(s) merged to credit report? If so, what is their current credit score?
4. Did you review the buyer(s) complete tax returns for the last two years?
5. Have you provided the borrower(s) with a good faith estimate and verified the borrower(s) cash to close through their bank statements or any other source?
6. Does the borrower have any other secondary or investment properties?
If your listing agent properly prequalified the lender, the deal has a much better chance of becoming a successful sale with no major lending complications during the process.
If you read my Parkland Parrot Real Estate Website, you know that the Parkland real estate market is changing on a regular basis. Values here can vary dramatically from neighborhood to neighborhood. Whether you are buying or selling, it is more important than ever to work with a local Realtor who has experience and knowledge of the market and is a full-time real estate consultant. I am honored to be the #14 top producing RE/MAX real estate agent in the entire State of Florida for 2013 along with being one of the top Realtors in Parkland, Florida. I can be reached anytime on my cell at 954-609-0591 or you can fill out a contact form here and I will gladly give you a call back to discuss your real estate needs.