Mr. and Mrs. Seller, Broker Bryant is "fine tuning" for you!

 Recently, I have "fine tuning" my negotiating techniques and have implemented the use of a "Buyer's Disclosure Statement" (BDS), prior to my Sellers negotiating on a purchase offer. It's a pretty simple one page questionnaire that the Buyer needs to complete. The purpose of the BDS is to give my Seller a better idea about the Buyer's qualifications, to close on the transaction, if we do come to an agreement.

So far, the response has been unanimous, I never hear back from the Buyer's agent again! I just sent it out for the third time, today, so I am anxiously waiting to see if I get a response this time. I figure if they don't respond then I've saved my Seller about 30 days of off market time.

It really is a simple form and I'm certain a truly qualified Buyer would have no problem answering the following questions.

1. PERSONAL RESIDENCE STATUS

  • Do you currently RENT or OWN your existing residence?
  • Have you ever owned a home before?
  • lf you own a home, is it currently for sale?
  • lf you own a home, must you sell it to qualify for a new loan?
  • Are you buying this new property as YOUR PRIMARY RESIDENCE or as AN INVESTMENT PROPERTY?
  • When purchasing a condominium, town home or single family home in a PUD (Planned Community), are you aware there may be periodic fees payable to the association for common areas, services and/or reserves?

2. FINANCING

  • Have you made application with a lending institution or mortgage company yet? lf YES, what's the name of the firm? Loan Officer Telephone umber? Do we have permission to contact the Loan Officer?
  • Have you been Pre-Qualified? Pre-Approved? Approved?
  • Can you provided documentation for any of the "YES" answers above?
  • Do you know the difference between the three possibilities above?
  • Have you calculated the total amount of funds that will be required for your purchase (i.e, down payment) plus closing costs and pre-payments)? Can you provide proof of funds?
  • Have you ever filed for bankruptcy? If YES, when? Have you ever had delinquent payments on loans or credit cards?
  • Can you provide the credit scores from your credit report?
  • Are there any past, existing or threatened legal action( i.e., divorce, collections judgments, etc.) against you that would prohibit you from purchasing a home?
  • Are you aware that the funds you will bring to closing must be in the form of a cashiers check or official bank check?

3. OTHER MATTERS

  • Is there anything else that you feel should be disclosed to a Seller that may adversely affect your ability to purchase a home? If YES, explain:

So here's my question. If you were working with a Buyer, would you have a problem with them answering these questions? My reason for using it is, I'm just sick and tired of getting worthless pre-qualification and pre-approval letters and feel this form will help weed out unqualified Buyers. Maybe. What do you think?

***Broker Bryant image compliments of Ines Garcia  and Chris Elizabeth Griffith Thanks again Ines and Chris!

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