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Sandy Winkler, Broker

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  Recognize a Qualified Buyer

Offers can be exciting, but unless your potential buyer has the resources to qualify for a mortgage, you may not really have a sale. Your real estate professional will try to determine a buyer’s financial status before you sign the contract. But it’s good for you to know what buyers with follow-through potential looks like.

They are prequalified—or even better, preapproved—for a mortgage.
Such buyers will be in a much better position to obtain a mortgage promptly.
Ideally, buyers should have 20 percent of the home’s price as a down payment and between 2 percent and 7 percent of the price to cover closing costs. If they plan to make a smaller down payment, they will need to purchase mortgage insurance, through either a government guarantee program or a private mortgage insurer. Their ability to provide earnest money in a timely fashion will be an indicator of liquid reserves.

Their income is sufficient to afford the home over the long term, too.
Ideally, buyers should spend no more than 28 percent of their total income to cover the principal, interest, taxes, and insurance associated with the sale (often abbreviated as “PITI.”)

They have good credit, which they are monitoring and maintaining.
They will have recently reviewed their credit report and have actively worked to correct any blemishes or errors found.

They’re not managing too many other debts to take on a mortgage.
If buyers owes a great deal on car payments, credit cards, and other debts, they may not qualify for a mortgage.
 

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Winkler Realty Group

Sandy Winkler
Lic. Real Estate  Broker
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​333 Tamiami Trl. S., #285
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Venice, FL  34285

941-538-6677


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  • Home Page
  • SELLERS
    • Whats My Home Worth
    • We Need Homes To Sell
    • Adding Curb Appeal to Your Home
    • Deep Clean When Your Home is For Sale
    • How To Attract More Buyers
    • Improve Your Odds of an Offer
    • Maximize Home Showings
    • Preparing for the Photo Shoot
    • Recognizing A Qualified Buyer
    • The Appraisal Process
    • Tips to Prepare Your Home For Sale
    • SellingorBuying
  • BUYERS
    • 7 Reasons to Own A Home
    • Alternative Financing
    • Appraisal Process
    • Cash To Close Program
    • Home Inspections What to Know
    • HomeOwners Insurance What to Know
    • Dream Home Worksheet
    • How Much House Can I Afford?
    • Preparing for House Hunting
    • Prepare to Buy a Home
    • Rent VS Buy
    • Title Insurance What to Know
  • FREE INFO
    • Coupons and Offers
    • GUIDES
    • Home Assessment
    • Home Tracker
    • Magazine
    • Neighborhood News
    • Neighborhood Alerts
    • Newsletter >
      • Newsletter Sign Up
  • Search for Homes
    • 1330 Cambridge Dr
    • Just Listed Sarsota County
    • Just Listed Venice Gardens
    • Englewood Homes For Sale
    • North Port Homes for Sale
    • Sarasota Homes For Sale
    • Venice Homes For Sale
    • Move to Florida
    • 2337 Bal Harbour Dr SOLD
    • 1644 Juniper Dr SOLD
    • 11087 Palmerston Ave SOLD
  • Contact Us
    • Join Us
    • ABOUT US
  • Blog
  • New Contruction SEARCH