Thank you Richard for an awesome explanation about people AND properties have to be qualified for a loan. Some properties allow ONLY certain payment terms.
I had a call about a rural property that has some serious issues. In addition the listing price is less than $25,000.
The caller wanted to set up a time to see the property. As part of my interview, I asked the question:
“Do you have the ability to pay cash for the property?”
The answer was an ambiguous: “Possibly”
I tried to delve further but was met with resistance.
I was not trying to trick or embarrass the caller.
I was just trying to communicate the fact that it was very unlikely that the potential buyer would be able to get a loan to buy the house.
The poor condition of the property made it uninsurable for FHA and VA, and few lenders will write a conventional load for that small of an amount.
Many buyers are not aware that just as not every person qualifies for a loan, not every property does either.
And if you can’t get a loan, then paying with cash is the only option.
Richard Weisser is a candidate for Georgia House District 71
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