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Screening Potential Buyers for Viability with Basic Questions

Realtors refer potential buyers to us every day, and we are more than appreciative. Many times, however, the borrowers are not even close to qualified for a variety of reasons. We do not mind screening such borrowers, but we often feel bad for Realtors when we find out they spent substantial time with buyers who might be years away from buying.

There is a more extensive list of questions we have published in the past, but the four basic questions we think Realtors should always ask are below.

#1: Have you had a short sale or foreclosure in the last 3 years?
#2: Do you have a job or steady source of income you can “document”?
#3: Do you have access to down payment funds?
#4: Do you think your credit score is over 640?

The answers to the above questions will not determine the viability of every buyer, but knowing the answers can save Realtors and buyers a lot of potentially wasted time.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646