Special offer

Things your realtor will ask to qualify an offer to purchase your home.

Real Estate Agent with CENTURY 21 Superstars

"We have an offer for your home!"

It is a great thing to hear those words from your Realtor after you list your home for sale.  Before entering a purchase agreement with the buyer your Realtor will be looking for the following to qualify the offer.

•1.     Proof of funds to close.  (Verification of funds)  Proof of down payment and closing costs. 

•2.     Buyers' credit scores.  Important in this climate.  You want to make sure they can qualify for the loan.

•3.     A pre-approval letter is only a piece of paper until the following is confirmed with the buyer's lender.  Here is a sample of questions they will ask the loan representative...

         •a.     Have they filled out a complete application?  Is the loan approved by the underwriter?

         •b.     Where are the funds for the down payment and closing costs coming from?  Is it in stock, CD, retirement, a gift?

         •c.      Depending on where and what it is may affect the time needed to close escrow.

                   •i.         All cash offer?  Proof of funds should definitely be required to confirm where the money is coming from to avoid any unpleasant surprises.

          •d.     Are the funds seasoned?  The lender will look for the length of time the funds have been in their account to prove it is theirs.

          •e.       Type of loan product? 

                    •i.        Will the loan be able to close in the time specified in the purchase contract?

                    •ii.      If closing is going to be more than 60 days, will the loan still be available when escrow closes?            

                     iii.    VA and FHA loans have certain transaction and service fees the buyers are not allowed to pay for.

          •f.      Do they currently own a home?  If yes and they will use current home as a rental income, there are new restrictions.

Your Realtor will have additional questions, depending on the buyer's type of loan product and terms of the offer.

Your realtor may request or recommend that the buyer also qualify with another lender as a backup if the above questions are not answered completely or with confidence.  If you or your Realtor is not convinced that you have a solid offer, it may be worth your while to pass on this buyer and wait for a better offer.


Helping you find your path home.

Serving the communities of South Orange County and surrounding areas. Choose the Realtor with experience in this current market.

Gloria Bumanglag, GRI

Realtor - Century 21 Superstars 

22342 Avenida Empresa Suite 150, Rancho Santa Margarita, CA  92688

direct (949)303-9532   email  gloria.bumanglag@century21.com 

to access the MLS or for letters of recommendation, go to www.gloriabb.com