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Seller Secret Episode #25 Maybe the Buyer’s Not Qualified

Tuesday, November 12, 2019   /   by Gianfranco

Seller Secret Episode #25 Maybe the Buyer’s Not Qualified

Some sellers think their house is sold until the day of the closing they get a surprise call that buyer needs an extension or out… ??


If you get an offer and the number is not an adequate number, you may question the buyer's capability. Make sure that the buyer is qualified to carry that size mortgage.

Not always is it about your house. Sometimes it could be, well that's all the buyer can really afford, and it's nice to know that from the get-go. So, if you're getting an offer, you may question them. How did you come up with this price? What comparables are you using? How did you guys determine that the value of my home is this? And a lot of times they'll just come out and say it, "Listen this is what I've been qualified for. I cannot go over this number."

You'll know at that point, "okay, do I want to sell to this buyer because this is what they're approved for, or do I want to just turn this offer down?"

Obviously you would still counter-offer, because sometimes buyers would just say that, but at least if you counter-offer and they just stop there, at least you know that this buyer has no shot buying your house because they just can't afford it. Now in some cases when we get buyers coming to us and we get agents telling us about our listings, that their buyer's only approved for that amount, what we normally do is we offer them mortgage solutions. We offer them to meet with our lender, because our lender can probably get them the higher amount, and in a lot of cases we were able to close the deals and get the deal done because of that.

Also, a lot of times, let's say the bank tells them you're approved for 800. They think that they can't go to 810 or 820. So if it's give or take, a lot of times the bank will work with you. They will give you that additional, so maybe you can give them the option of a few day finance condition, so they can talk to their bank and figure it out. If they are otherwise very good buyers, you may want to work with them and cooperate, because they might be the best buyer for your house.

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Watch the full video here:  https://youtu.be/uapo8tYBB_8

  broker, real estate, toronto platinum realty team, toronto home selling