One of the many jobs your Realtor should do is to qualify buyers who have an interest in purchasing your home. While interviewing agents to list your house for sale these are situations you may want to discuss to determine the listing agent’s level of expertise.
Buyers will usually provide a copy of their pre-approval letter with their offer. Pre-approval letters are great and let you know the buyer has been qualified by a lender and is prepared to purchase. However, is this really enough to help you decide whether you want to go into contract with them? Not usually, there is a solution.
Some buyer pre-approval letters will state conditional underwriter approval and indicates that a loan is not guaranteed. One method your agent should know about and practice while negotiating offers is to contact the loan officer who has issued the pre-approval letter to discuss the aspects of the loan the buyer is applying for. Having this discussion with the loan officer allows your agent to discover facts about their financing that are not disclosed in the purchase agreement, also where in the process of applying for the loan that the buyer is in. This discussion also sets the foundation for the working relationship the loan officer will have with your agent should you accept an offer. This option should be practiced by your agent with every offer to help you decide who the strongest buyer is, especially in a multiple offer situation.
The other method your agent should offer during the listing presentation is to cross-qualify buyers with a preferred lender. The process for cross-qualification is simple and information can be exchanged between loan officers at the approval of the buyer. This allows the buyer to be confirmed as financially able to obtain the loan as well as perform the Loan Contingency while in contract. As a seller, the peace of mind you will have knowing the buyer is financially able to purchase your house is invaluable. As a buyer, once pre-approved by both lenders, they have the peace of mind that should their first-choice lender fall through, they have a second lender to rely on to enable them to perform the Loan Contingency in the contract.
For more information call or email me for your personalized comparative market analysis and marketing presentation.
Cheers to your success!
Brandy Christensen, Realtor / Realty One Group Complete
CA BRE# 01971181 / C: 916-600-1239 / E: firstname.lastname@example.org