“New” Buyer’s Financial Disclosure Statement Helps Qualify Home Buyers

A recent article from the Star Tribune (A proof-of-financing letter with teeth might give home bidders an advantage, Oct 19, 2005) introduces the Minnesota Association of Realtors and their revised, optional “Buyer’s Financial Disclosure Statement,” which requires that the mortgage originator perform a credit check and verify the borrower’s identity, income, financial history and existing obligations.

The form is not a guarantee but it provides greater assurance that the buyer has the means to purchase a house. From the buyer’s perspective this document might give you a negotiating edge over other bidders who cannot demonstrate their fiscal solvency.

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