How To Avoid Realtor Fees When Selling Your Home

If you have ever been denied for a mortgage loan you know it can be a humiliating experience

, and unfortunately a lot more people are having the experience of being turned down in this tight mortgage market. As a result, some sellers who are in a position to do so are giving consideration of how to sell a home for cash instead of putting themselves in a position where they have to wait for their buyers to obtain financing. The threat of the buyer being turned down after a long wait is too great these days.

We all know that the mortgage crisis has caused lenders big and small to pull in the reins and keep a tight hold on them. But what are the actual reasons that people with good credit scores are being denied? One of the more common reasons is when a borrower's credit history has changed in the last couple years. Lenders are determined to look for consistency, so even if there's been an increase in salary at a new or existing job, lenders tend to overlook that increase and take an average of annual earnings instead. It doesn't seem fair of course, but nobody promised that private lenders who can make subjective determinations must always give the appearance of fairness. And another thing that is heavily scrutinized is a borrower's historical pattern of saving money.

This carries more weight than the dollar amount of savings they currently have in the bank. Naturally a lender wants to see sufficient cash in the bank to cover the down payment requirement, but also a healthy savings balance in the bank after the closing transaction occurs. Lenders need to know that there's a cushion in place so that home mortgage payments will be made regardless of occasional financial challenges. You can see that these ultra-conservative measures can make a huge impact on how many borrowers can qualify for a home loan now, especially since people tend to have less money in savings in this economy as opposed to more savings.

Selling a home for cash is a quick, clean alternative to waiting for a conventional buyer to wade through the mire of mortgage application and approval now. Although the federal government has certain standards that borrowers must meet, individual lenders can put an "overlay" of additional requirements in place that makes or breaks the applicant's chances with that particular lender. Even if you have buyers that are pre-qualified, things can change for them as the mortgage application process moves along. And that means things can change for you, too. So, that's all the more reason to call a professional home buyer and let him or her know that you're selling a home for cash.

by: Leo Kingston

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