"Do not qualify for a loan." (you did not say they had bad credit) That describes nearly every business owner, those whose incomes are contingency based...well, essentially everyone not receiving a W-2 from an employer. That is a LOT of people and includes every full time real estate professional.
In an overwhelming number of these cases these folks are cash rich but the big banks have elected to make it impossible for them to be financed. Thank goodness the big banks are only one of 15 ways to finance a home purchase. Local banks, community bands and credit unions offer more flexible lending programs.
These are perfect A-List buyer candidates. Based on the purchase intentions of the buyer, the buyers situation and the agility of the seller, there are eleven additional financing options. Many who have short sales or foreclosures on record are very qualified buyers also.
However, those with bad credit will need to spend the time, money and effort to get the boat to float again.