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Should Re-Performing Loans Affect the Buyer You Choose?

June 22, 2016 by jWeb Media

When considering the offers from buyers who are interested in buying your home, who would you be more likely to choose; the buyer with a history of making their payments on time or the buyer who has a history of being unable to pay? Naturally, you’d prefer the buyer who has a good payment history. But does that mean you should never take into consideration buyers who have re-performing loans, even if they have a good offer? It depends.

Are They Able to Pay?

Even if the buyer with a history of re-performing loans has a better offer than other buyers, they should be looked at with a critical eye. With their history of re-performing loans, the buyer has shown that they have been unable to keep up with payments in the past—even if they did begin making payments again.

If the buyer has filed for bankruptcy and is still paying off what they owe in deficiency judgments, it’s a good idea to move on to other buyers. There’s no guarantee that the buyer will be able to make payments after purchasing your home while still paying off their old one.

Do They Have Financial Assistance?

Not all buyers with re-performing loans fell behind because they were negligent with their finances. Many may have lost their job or had unexpected medical issues and are now reemployed and healthy again. If the buyer has bounced back and has financial assistance like a grant or down payment assistance, it doesn’t put them out of the game altogether, but you should still do your research.

Are You Willing to Negotiate?

Just as you expect the buyer to be flexible, you should extend the same courtesy. If the buyer is paying in cash, then they won’t have a mortgage to pay off to begin with, so you could safely consider them as a buyer and negotiate with them for a deal that will favor all parties.

In the end, the decision to consider an offer from a buyer with a history of re-performing loans is up to you. You deserve to be able to sell your home with peace of mind knowing that the buyer will actually be able to buy the home.

Find More Home Loan Tips on Our Blog

Filed Under: Blog, Mortgage Companies Tagged With: re-performing loans, sell home

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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Guild Mortgage Company is an Equal Housing Lender; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. OR ML-176;Georgia Residential Mortgage Licensee; GA #6268; NV Banker #1076/NV Broker #1141; AZ BK #0018883; Licensed by the Mississippi Department of Banking and Consumer Finance. Illinois Residential Mortgage Licensee. Kansas Licensed Mortgage Company. Rhode Island Licensed Lender. Licensed by the New Hampshire Banking Department. http://www.nmlsconsumeraccess.org/ Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111 |State of Missouri Principal Location: 11730 Fenpark Drive, Suite 1003, Fenton, MO 63026.Brought to you by Jweb Media.

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