We are all happy to have buyers when we get them. All buyers are equal but some are more equal than others. I have a buyer who is self-employed. He owns a successful business and does quite well income wise. However, he writes off his income to the point that he is making below the poverty level. This is fine for his taxes, not so good for qualifying for a mortgage.
My husband is a mortgage lender and took a look at the tax returns. This individual is not going to qualify for a car much less a home based on his tax returns. I just wonder what people are thinking these days when it comes to getting a mortgage. He told my husband he wanted a stated income loan. Well we are about 2 or so years too late for that one. I just hate it that a person with great income is unable to buy a home due to how he does his taxes. Maybe he will change the way he pays himself but that does not help anytime soon. It is frustrating trying to help self employed folks get into a home these days. Very few of them show enough income to qualify.