Who Is Buying My Home

Posted by Tereesa Admin on Wednesday, October 29th, 2014 at 1:46pm.

Packing, cleaning, renovating, showing; determined to sell your old house, resolved to obtain the funds necessary to purchase your new house; hoping, praying, wishing for someone to come along and make an offer...throughout all the hectic activities of selling your home, it may never have occurred to you to wonder about just who is buying it.

Not just their character, or tidiness; you won't be roommates or anything. But there is some information that might be beneficial for you to uncover about your potential buyer sooner, rather than later.

Income & Cash Flow:

- Will this buyer be able to afford the mortgage?

- Will he/she/they need to take out loans?

- Do they have good credit?

Assets:

- If somewhat lacking in cash funds, does this buyer have assets they could sell? Their extra cars or a sizable house may soon go on the marker in order to purchase your house.

- You may want to find out now what sorts of assets your potential buyer has lurking around.

Liabilities:

- Talk to a loan officer to find out if your potential buyer is or has been in debt.

- Find out if your buyer has unpaid loans, child support, alimony, credit card payments or auto payments.

Credit History:

- How regularly does the buyer pay his/her loans?

- Have they ever defaulted on a loan?

- Have they ever declared bankruptcy?

And yes, Character:

- Has this buyer moved a lot, or stayed in one spot for a length of time?

- Has he/she had several jobs, or one or two for considerable lengths of time?

Talk to an attorney about disclosure laws to find out what you can, and make an educated decision about who buys your home. List with Chandler Realty to sell your home in Norfolk, Virginia Beach,Newport News, and Chesapeake

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