Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. As a general rule, buyers speak with a lender before looking at property in order to determine what they can afford.
When I present an offer to you, it should be accompanied by some sort of letter or pre-approval form signed by their lender. This letter will show how much the buyer is qualified to spend. Don’t be alarmed if the amount on the letter matches thier offer- it doesn’t necessarily mean that your home is at the top of their price range. Often, buyers will bring a letter that matches the amount of their offer as a negotiation tactic. They don’t want you to know just how much they can qualify for.
Should you decide to accept an offer from this buyer, and the house goes under contract, I’ll speak with the lender in order to confirm that the mortgage can be obtained under the terms of the purchase contract and that they have enough cash on hand to pay the closing costs.