Home Selling in Kansas City>Question Details

Rosey2009, Home Seller in Kansas City, KS

I have a house in kCKS. I have a buyer that is renting it now. She doesn't think she can qualify for a mortgage. what can we do to help?

Asked by Rosey2009, Kansas City, KS Thu Jul 15, 2010

It is more effective to use the same realtor for both sides? Can you get a mortgage loan for the house AND more for medical bills that are on the credit report? I want to sell the house to her and need help in the process. I don't know how to tell what the bank will loan either. Must I get an appraisal??? I really need someone who is familiar with KCKS too. The house needs some work and I just want to sell it as is. She has never owned a home before.

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Look into owner financing at a higher than market price.
0 votes Thank Flag Link Wed Nov 17, 2010
Hi Rosey,
I am a Certified Mortgage Lender... License NMLS#263668. I am also an OD... Original Dott ( -:

The answer to your question: Can your buyer qualify for a Mortgage is; It Depends.. Your buyer really needs to apply for a Mortgage. Like a Dr. needs to do a physical or consult to make a diagnosis a Lender need to have completed a Residential Mortgage Applicant by the buyer and a do credit inquiry. Based on this information my Underwriter will be able to determine what is necessary for an approval of the buyer.

Do not get an appraisal on your own. The lender may not be able to use it and will order their own for your buyer that is on their Appraisal Mangement Service of approved appraisers.
You can assist your buyer is paying closing cost and pre-paid items (taxes, home insurance and reserves) not to exceed 6% of the sale price of the property.
I am assuming FHA financing. This will require 3.5% mandatory down payment by your buyer [of her own money or a gift from a family member], and a 620-640 minimum credit score unless the buyer has no credit score and the use of non-traditional credit is approved.

If you want my assistance please do not hesitate to contact me.
0 votes Thank Flag Link Wed Sep 29, 2010
The Buyer would need to contact a Lender to get a preapproval for a Mortgage. A Realtor can do a Comparative Market Analysis to determine what the Market value would be for the property. Adjustments would be made for the condition of the home. Though you want to sell the home, the tenant may or may not be qualifed to purchase through traditional financing. If that is the case 1. You could list the property for sale, with a tenent already leasing. an investor may be interesed in purchasing, and continuing the lease with the current renter. 2. You could lease with the Option to Purchase, so Renter would have time to apply for a mortage and be qualified. 3. You could Owner finance the person, so they would make the house payments direcly to you.
The Renter may or may not qualify to make the purchase. You would need to decide if you want to sell the home, and prepare to do so,

M. Sandberg
Shawnee Mission, Ks. 66219
0 votes Thank Flag Link Mon Aug 9, 2010
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