In real estate, "qualifying a buyer" refers to a process of determining whether a buyer has sufficient finances to purchase a home, according to the National Association of Realtors. Qualifying a buyer helps the real estate agent know which homes are best to show the buyer. Items that qualify a buyer include credit score, income, debt ratio, down payment funds and mortgage pre-qualification from a bank.Know More
The National Association of Realtors notes that to be considered qualified, a buyer should have at least a 20 percent down payment, additional funds to cover closing costs, a pre-qualification letter or pre-approval from a financial institution for a mortgage and a current credit score. According to About.com, it is in the real estate agent's best interests to qualify a buyer so the agent does not waste valuable resources or a seller's time by presenting buyers who will not be approved for a mortgage.
About.com notes that the real estate agent has different concerns depending on whether the agent is representing the seller or buyer. When the agent represents the seller, the agent is obligated to meet the requirements of the seller for showing the property as long as the requirements are legal. The agent cannot legally prevent unqualified buyers from viewing a property, but sellers can request that only qualified buyers view the property.Learn more about Personal Loans
In real estate, short selling a home, also called a short sale, refers to the homeowner's action of selling his or her house for a price lower than the mortgage to avoid foreclosure, state government officials at Freddie Mac. Homeowners resort to short sales in times of financial difficulty, such as when they cannot afford to pay mortgages and must leave the premises. Short selling the home proves a better financial option for many, say experts at Freddie Mac, as doing so does less harm to people's credit score than having a foreclosure.Full Answer >
The average sale price of an existing home, according to the National Association of Realtors as presented by YCharts, was $206,390 in 2014. This calculation is based on data from January 2014 to the end of November of that year.Full Answer >
The average cost to build a home, notes a study completed by the National Association of Home Builders in 2013, is $399,532. This figure is based on an average lot size of 14,359 square feet and an average home size of 2,607 square feet.Full Answer >
Air freight is the process through which packages, letters and even large commodity shipments are sent from buyer to seller using an airplane. There are three categories of shipments in air freight, which are divided by how much volume is used during the transport of the goods. Air freight's main advantage as a form of shipment is the speed at which goods arrive.Full Answer >