The best way a seller can protect themselves is by carefully interviewing real estate agents before choosing one to represent you during your home sale. An experienced and detail oriented agent would know that approving a buyer by using overtime income to qualify is a very risky stuation. Although there are times when a customer may be using a mortgage broker that does not communicate well with your listing agent there are ways to avoid this lack of communication. It is the listing agents job when representing a seller to make sure the prospective buyer is not only ready and willling- but ABLE to buy. In a case where the listing agent is not getting full financial disclosure from a buyer or their mortgage professional the seller can require the buyer to be prequalified by a mortgage professional that the seller and agent know will disclose their credit worthiness honestly. This buyer does not have to use this person to obtain funding as a condition of sale. However it may be required by the seller that they are qualified by this mortgage person as a condition of the offer acceptance. This way you and your agent know up front how a deal is being structured and the likielyhood of it going to closing.

Georgia Westcott
Broker/Owner
The Westcott Group Real Estate Company
17 Deer Park Ave
Babylon New York 11702
631-661-8888

The seller needs to insist that all buyers they accept offers from a fully pre-approved by a trusted mortgage loan officer. Someone who was thorough would have picked up on the overtime and not approved that buyer.

Hi Joanne-The only way is to not have a mortgage contingency in the contract. If you are dealing with an agent -ask them to contact the buyer and have them see if they can put more money down or use a different lender OR They may be looking to re-negotiate the price or are looking for sellers concessions. Was there a problem with the appraisal? Terry K 718-614-3167 cell