Week before last, one of my listings had multiple offers within the first 4 days. A big factor for the seller in deciding which offer to choose was the strength of the buyers’ financing.
Earlier this year, I had a seller get burned when a buyer’s mortgage pre-approval letter turned out to be worthless. The property went back on the market after it was confirmed that the buyer wouldn’t be able to get financing, but with the lost market time the property wasn’t able to command as high a price.
Ever since then, I’ve had the mortgage consultant in my Baird & Warner office, Michael Polera, verify all mortgage pre-approvals that are part of offers submitted on my listings. Michael had his hands full with the recent multiple offers. All the pre-approvals turned out to be valid, but Michael was able to determine differences in the strength in the buyers’ financing which the seller definitely took into account when evaluating the offers.
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
