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As listing agents it is our responsibility, to you
the home seller, to make sure that when an offer comes in on your
property, it is in fact coming from someone qualified to purchase
your home, i.e. financially
This can be accomplished in one of two ways. We can
either ask the potential buyer some qualifying questions such as
how much their current income is, do they have any long term debts,
and how do they view their personal credit. All good questions;
however, most people aren't willing to share too much personal
information with just anyone.
The best avenue to make sure that a potential buyer
is qualified to purchase your home is to have a loan officer either
pre-qualify them or better yet give them a pre-approval letter.
A true pre-approval letter basically states that
the lender is willing to give a certain dollar amount, i.e.,
mortgage to the buyer. All they need to do is find a property they
want to purchase, sign a purchase and sales agreement, and have the
property appraised. Usually a pre-approval letter will be good from
30 to 60 days, depending upon the lender and any particular lending
program they are using.
In Massachusetts the purchasing process is usually
accomplished in two steps. First the Offer to Purchase (which is a
legal and binding document) followed by signing a Purchase and
Sales Agreement at a future date certain.
In New Hampshire the sellers and buyers go right
into a Purchase and Sales Agreement. In both instances the parties
involved are making certain promises, one to the other, in order
for the transaction to come to a successful completion.
We strongly advise that both parties use the services of an
attorney.
Realtors should never give legal advice!
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