Today's headlines reek with the details of current foreclosure statistics. Nationwide, nearly 1.1 million homes entered the foreclosure process as of November 2007, up 93 percent from the 559,750 foreclosures filed during the same period last year. More than six out of every 1,000 households in the United States were repossessed by banks or lenders during the first 11 months of the 2007, up 41 percent from the same time last year. This information was derived from Foreclosures.com which uses a database of 3.5 million property listings and bases its analysis on the number of formal notices filed against a property in the foreclosure process.

To anyone selling a home, these reports look overwhelming, but instead of becoming a statistic, use this information to learn how to sell your home in a timely manner.

One of the biggest problems is finding out if the person who is offering a contract to buy your home will then qualify for a home loan.

Remember finding the right buyer who qualifies for your home will save your credit rating and allow you to leave your home with dignity. So let's start with an understanding of how you can make sure you have a qualified buyer.

In this current market, the borrower's ability to fully document their income is almost a requirement. Most programs which allowed leniency in income documentation are dissolving due to the recent increase in foreclosures and the lack of investors willing to purchase loans that are not fully documented. Any possible buyer for your home should provide a letter verifying that their income and their credit report has been reviewed by their lender prior to signing a purchase contract. This will save you much time having your house tied up with someone who will never be able to purchase your home.

Any potential buyers are not required to share their credit information with you as a seller, but in conversations that you may have with any prospects, these are items to be aware. A credit score is important. The credit score does not include income, assets, or any demographic data in its calculation. What it does reflect are numerous items including: have creditors been paid on time, how many accounts show no late payments, are there any public records or collections such as bankruptcies, foreclosures, suits, or judgments, how much is owed on a monthly basis and what is the relationship of credit limit to current balance? The credit score also reflects - how long credit accounts have been established, in general and how long it has been since certain accounts were used. Is the borrower taking on more debt or have there been many recent requests for credit? The scoring system is looking for a "healthy" mix looking at what kinds of credit accounts you have, and how many of each.

A credit score can be used as a primary tool by creditors to determine the risk associated with a lending decision because credit scores are used as a fast risk-assessment tool, help lenders grant credit in a fraction of the time, and in some cases have become a criteria in issuing a loan.

Credit scores range from approximately 360 to 840. A higher score indicates the applicant has better credit quality, meaning they are less likely to default on a loan and the better chances of your potential buyer actually closing on your home.

Ideally, buyers would come to your front door prepared, but if they aren't, this is information to protect you and get your home sold quickly.

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