I want to do a FSBO for my townhouse, Is it true that buyers are having a difficult time getting a mortgage loan?

Asked by Deborah Baca, Albuquerque, NM Fri Feb 22, 2013

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Max Sklower’s answer
Max Sklower, Agent, Albuquerque, NM
Mon Feb 25, 2013
Yes, there are not too many people who can get loans. However, I can assist you in selling your home and I dont charge you a fee to discuss this with you. I know how to sell any home faster and better and I can prove that to you. Call me at 505-822-8864 or 800-888-3581 or drop me a line to: realtyperson@gmail.com. Max Sklower Owner and Broker of Broadcast Realty, Address is 3620 Wyoming, NY Suite 100. Albuquerque, NM 87111. Thank You and Hope to Hear from you soon!

Max Sklower
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Wed May 1, 2013
It depends on:

1. The buyers and thier financial qualifications.
2. The lender's staff and their diligence.

If both are good, things go smoothly.
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Bill Eckler, Agent, Venice, FL
Fri Feb 22, 2013

Yes, as a result of the financial "melt down" lenders are being very careful to not make the mistake of loaning to less than highly qualified borrowers. Many people wish they had taken this position on them years ago........

Unfortunately it isn't until people have tried the FSBO game that they realize there's much more to selling property than meets the eye. The reality is that nearly 90% of FSBO's will eventually list and sell via a real estate professional.

There is no harm trying but make sure you have done your homework and understand the process that goes far beyond knowing your home better than anyone else. Read, Read, Read......

Good luck,

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Chris Nyman…, Agent, Albuquerque, NM
Fri Feb 22, 2013
I'd have to "YES". I guess I feel more strongly about this than some of my colleagues. Even well qualified buyers are being forced to jump through way more hoops than they had to in the past, and at least 1/3 of the likely home buyer population (those that are self-employed) is unlikely to qualify for a loan like they might have 4 or 5 years ago.

It's crucial that you work only with buyers that are pre-approved by a reputable mortgage company or bank. Aside from that, there are many other services that working with an agent can bring to the table versus selling a property yourself. For example, Realtors can be incredibly valuable when it comes to negotiating repairs - this is an area where FSBO contracts often fall apart. Also, doing a thorough CMA and working with you to prepare, stage, and price your property correctly is more important. than most sellers think

So, should you attempt to list your home for sale on your own, and change your mind, I would also recommend that you call some of us and chat about listing. Don't be bullied - ask lot's of questions, compare responses, educate yourself. Go with the person that you feel comfortable with and have a good sense of their working and communication style. Buying and selling a home is a big deal for most folks - you want an agent you can trust.
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Adam Pehrson, Agent, Albuquerque, NM
Fri Feb 22, 2013

Give FSBO a try, and if it doesn't work out for you and you need a Realtors assistance call on one of us. I'd recommend interviewing a few different Realtors, there are different services available for different people, with different results.

Now is a great time to sell. Inventory is lower then usual.

You wont have 10% the exposure a Realtor can give you if all they do is enter it into the MLS but you might not need it and the Buyer be driving by the townhouse is all you need.

Good luck, and if I can be of any assistance give me a call, text or email.

Adam Pehrson
Sandia Peak Realty
505-401-0496 cell
0 votes
Leigh-Jo Anz…, Agent, Albuquerque, NM
Fri Feb 22, 2013
Hi Debbie,

To answer your question, it ultimately depends on the individual buyer. If an interested buyer has a steady employment history, good income, low debt-to-income ratio, good credit score and at least $500 saved, then they won't have a problem getting a loan.

Now, if an interested doesn't have a steady job, has a lot of debt and bad credit, then they'll likely have to wait a while before they can be in position to buy.

Since you're approaching the sale of your home as a FSBO, I would strongly recommend not allowing any stranger in your home who hasn't been screened/prequalified. There are a lot of scams today and FSBOs are a focal point for scammers.

Typically, a home has an electronic lockbox that time stamps exactly when the home was accessed and which agent was inside the home. The buyer is generally accompanied by a licensed real estate agent who has the buyer's name, contact information, etc.

As a FSBO, you'll be on your own to determine if the person calling or knocking on your door is a genuine buyer and not someone with bad intentions. For example, two individuals could visit your home during an open house or showing, split up, and while you're showing one the kitchen, the other is unlocking a window for later entry or going through all your drawers.

Just take caution when handling prospects.


Syan Real Estate
Call/Text: (505) 730-8181
Web Reference:  http://www.Syan.com
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Fri Feb 22, 2013
The answer is, "it depends". It depends on credit score, income, property valuation, type of loan program, proficiency of loan officer, whether the borrower has decent financial records, and the transactional expertise of the buyer and seller. If you want to hire a broker that can mange all these elements so that you don't waste you time and money give me a call.
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Mary Padilla, Agent, Albuquerque, NM
Fri Feb 22, 2013
Your question has been answered in a variety of ways already, but I guess my two cents won't hurt. #1. Don't show your home unless the buyer has a Pre-approval letter to show you. When they call and ask about your home, that should be one of the first questions..."Are you approved and if yes, with whom?"
#2. Get a Realtor. You will make more money, save yourself the headache and hassle and have access to much better marketing. Many buyers don't even want to look at FSBOs as they want both sides represented by the specialists.

Good Luck!
0 votes
Bob Arguelles, Agent, Albuquerque, NM
Fri Feb 22, 2013
Hello Debbie,
My experience is that Buyers who may have had a problem getting a mortgage loan in the past, would still have a problem today; while those that are well qualified, will have no problem. As a suggestion, meet or speak with a couple of mortgage lenders that you might know and get a sense of what they will require of a Buyer in today's market so that you will be familiar with that. They may also work with you to prepare a flyer for your property that you could hand out to a prospective Buyer.

I would be remiss if I did not highly recommend that you employ a qualified Realtor or real estate agent to market your home. Statistics show that a qualified real estate agent will generate a greater sales price for your home; most often offsetting the commission expense. A professional will also take the liability of the sale off of your shoulders and assure that the sales is transacted correctly. Realtors have great marketing tools at their disposal to provide you with the fastest results and generally the highest sales price.

Bob Arguelles
0 votes
Marie-Claire…, Agent, Albuquerque, NM
Fri Feb 22, 2013
yes it is true. the lending institution have tighted the rules but its a good thing for everyone.
let me know if I can help you with your home. Please be safe handling buyers on your own. if it doesn't work out. I would be happy to help you. Marie-claire/KW.
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Tim Moore, Agent, Kitty Hawk, NC
Fri Feb 22, 2013
I think to say something as general as that would be incorrect. Some buyers might have a problem and some buyers will not. To say something as general as buyers are having trouble is not correct.
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Cynthia Grim…, Agent, Pikesville, MD
Fri Feb 22, 2013
It is harder to get a loan these days than it was in the past. A buyer should be pre-approved by a lender prior to beginning their home search. A buyer will a good credit score and good records will be able to obtain a loan typically within 30-45 days.
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