Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer’s financial status before signing the contract. Ask the following:
Has the buyer been prequalified or preapproved (even better) for a mortgage? Such buyers will be in a much better position to obtain a mortgage promptly.
Does the buyer have enough money to make a downpayment and cover closing costs? Ideally, a buyer should have 20 percent of the home’s price as a downpayment and between 2 and 7 percent of the price to cover closing costs.
Is the buyer’s income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).
Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.
Source: National Association of REALTORS®
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Looking for a weekend getaway? This property offers all of the charm and character that you would expect in a mountain chalet, plus it offers a host of outdoor activities. You have unlimited hiking and sight seeing possibilities in the Great Smoky Mountain National Park, snow skiing at Ober Gatlinburg, swimming and tennis at the nearby club. This property can be placed on a nightly rental program to offset your cost of ownership.
•Remove the clutter – put small things away
•Brighten areas up with light – open drapes and blinds, add lighting
•Re-purpose rooms – add some new furniture and paint
•Vary wall hangings – try different groupings
•Bring nature inside – add plants and fresh cut flowers
•Group in threes – odd numbers are preferred when grouping accessories
•Give areas a face lift – add new counter tops or cabinet doors if dated
•Add some color – paint with warm tans, honeys and soft blue-greens
•Beware of layout – pay close attention to the traffic flow of each room
•Clean – this is the cheapest and easiest way to improve the look of your home