Prequalification

By
Real Estate Agent with Berkshire Hathaway HomeServices | Pen Fed Realty 3107554

All buyers must be prequalified when making offers on foreclosures and REO or short sale properties.  This is an example of a questionnaire that you will be asked to fill out.

 

Prequalification Questions for Prospective Buyers - Blank

PRE-QUALIFICATION QUESTIONNAIRE

HOUSING REQUIREMENTS

How many bedrooms and baths will you require? ________________________

Approximate sq. footage required? ________________

How many garages will you require? _______________ How large of a yard you will require? ____________________________________

How close to schools do you want to be? _________________________________________

Price Range ____________________________

Any other special requirements of a house?________________________________________________________________________________

BORROWER

Name _________________________________ SS# _____________________ Address _______________________________________________ Home Phone _______________ Borrower's Employer _______________________________ Address ________________________________ Work Phone _______________ Borrower's Gross Mo. income ____________ ____ Salary ____ Hourly ____ Commission

Length . of Employment __________ Does borrower receive commissions, bonuses, dividends or any other income? ____________

How much? __________ Does borrower have secondary Job? ______________________ If so, how long employed? _____________

Mo. Income ____________________

CO-BORROWER

Name _________________________________ SS# _____________________ Address _______________________________________________ Home Phone _______________ Borrower's Employer _______________________________ Address _________________________________ Work Phone _______________ Borrower's Gross Mo. income ____________ ____ Salary ____ Hourly ____ Commission

Length of Employment __________ Does borrower receive commissions, bonuses, dividends or any other income? _____________

How much? __________ Does borrower have secondary job? ______________________ If so, how long employed? ______________

Mo. Income ____________________

CREDIT/DEBTS

List your required minimum monthly debts ____________________________________________ Total Mo. Debts _____________________ Have either the borrower or co-borrower had any credit problems? __________________________ !f so explain __________________

_________________________________________________________________________________________________________________________

Have either the borrower or co-borrower had bankruptcy or a foreclosure? __________________________________________________ Do either borrower or co-borrower have any gaps in employment? _________________________________________________________ Do either borrower or co-borrower owe any alimony or child support? _______________________ How much? __________________ Are the borrower and co-borrower U.S. citizens? ___________________ If not, explain status ____________________________________

ASSETS AVAILABLE FOR HOME PURCHASE

How, much cash are you willing to invest for a down payment and closing costs? ____________________________________________

What will be the source of this money? ____________________________________________________________________________________

If necessary, do you have any relatives who can provide gift money or act as co-borrower? __________________________________ Do you have any other assets which could be converted to cash or borrowed against if necessary to get the house of your choice? Please list: _______________________________________________________________________________________________________

Are you to receive any income tax refunds? _____________________________________________________ How much? _____________

Do your employers match any money you save at work?_____________ If so, how much do they match? ______________________

FINANCING

How long do you believe you will live in the home you are seeking? _________________________________________________________

Are either of you a Veteran or a Reservist ?_____________ If yes, have you ever used your VA loan benefits? ____________________

If so, what year did you buy ? ________ How much was the loan amount? _________________ Was the VA loan paid in full? _____

What is the maximum monthly payment you feel you could make each month? _____________________________________________

What Is the maximum down payment you can make? ______________________________________________________________________

Does your employer pay any of the costs of purchasing a home? ___________________________________________________________

What type of financing do you prefer? ____________________________________________________________________________________

I/We grant permission to check my/our credit for mortgage loan purposes.

Borrower X____________________________ ______ Co-borrower X_________________________ ______

COPYRIGHT © JEFF ELIAS 2010 Page 243-A Qualifying Buyers Section

Comments (2)

Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Whose questionnaire is that?  That looks like a buyer's agent form rather than a REO questionnaire.

Jan 27, 2011 07:53 AM
Anonymous
Kelly Klein

All offers in my State require all buyers to be prequalifed.  I live and work in Florida.  This same application process is used for all offers.  REOs, Foreclosures, and Short Sales, the buyer must be prequalified up front and the offers cannot even be submitted to the lender unless they have proof of cash funds or are prequalified.  Even with a typical sale, the buyers go through the same process but have 5 days after acceptance to get this paperwork to them.  I make it a practice to always have my buyers prequalify before even working with them.  I work 99% of the time as a buyer's representative.  Hope this helps a bit.

Kelly

Jan 27, 2011 09:25 AM
#2