I presented an offer to one of my sellers today. I would have presented it yesterday, but the offer arrived with no mortgage pre-approval. I politely explained to the buyer’s agent that it would be too big a risk for my sellers to proceed on an offer with no proof that the buyer can qualify for financing. The pre-approval arrived this afternoon.
Having seen a deal fall through just days after a buyer was supposedly pre-approved; I forwarded the pre-approval on to my in-house mortgage consultant. There are a lot of mortgage pre-approvals that when examined turn out not to be actual pre-approvals. My mortgage consultant will contact the lender and determine how solid the pre-approval is. That will help minimize the risk of this sale falling through.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
