When Sellers list their home for sale with a Realtor, they must complete, sign and date a questionnaire concerning various details of the house and property. The questionnaire requires answers to all sorts of questions concerning plumbing, structural faults, leaks, drainage problems, heating problems, cooling problems, etc. Copies of this are distributed to all interested lookers, typically upon viewing the property.
OK - now that the Seller has the house on the market, along come a buyer that declaired bankruptcy 13 months ago. FHA Guidelines MAY approve this mortgage, or may not befcause FHA guidelies want 24 months from bankruptcy but will consider as few as 12 months with "credit repair efforts" - which is subject to manual underwriting rewiew. In other words, this person cannot be pre-qualified. Yet, a mortgage person issue a pre-qual letter based on what they "think" - trouble is they're not lending the money...
My question is should Sellers require potential Buyers to complete a similar questionnaire as to their credit worthiness - which would require them to disclose credit issues?
Your thoughts...
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