1. Has the buyer been pre-qualified or pre-approved (even better) for a mortgage? Such buyers will be in a much better position to obtain a mortgage promptly.

2. Does the buyer have enough money to make a down payment and cover closing costs? Ideally, a buyer should have 20 percent of the home’s price as a down payment and between 2 and 7 percent of the price to cover closing costs.

3. Is the buyer’s income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).

4. Does your buyer have good credit? Ask your buyer to show you a copy of a recent credit report.

5. Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.

Ideally you want a buyer to submit proof of funding, either a letter form a lender or account statements and credit reports (if he's making a cash offer). You also want to verify this information. DO NOT tie up your property waiting on a buyer to get "qualified". You can give them 10-14 days to provide proof of funds in your sales agreement and if they do not comply you can void the contract and continue marketing your home.