What can a Buyer really offer a Seller as proof that they are qualified to purchase their home?

By
Real Estate Agent with Chinowth & Cohen Realtors License #142914
http://actvra.in/7Cb

What can a Buyer really offer a Seller as proof that they are qualified to purchase their home?

After having TWO Tulsa home buyer’s financing fall through days before closing, I’m beginning to wonder what a Buyer can really offer a Seller as proof that they are qualified to purchase their home. Obviously the pre-approval letter from Bank of America presented to my Tulsa home sellers along with the offer was not worth the paper it was written on.

And we find out three days before closing that our Buyer does not meet all of the bank’s underwriting requirements?

BankReally, the earnest money provided is not sufficient. In this case, we have already made all requested repairs and removed all staging furniture. Our listing has been off the market for over a month and it’s impossible to quantify the number of qualified buyers we may have lost out on.

What can a Buyer really offer a Seller as proof that they are qualified to purchase their home?

In NINE years of real estate, this has only happened to me twice – and it happened twice just in the last four months. I understand that our banking industry has tightened its guidelines and underwriting requirements, but are Lenders just loosely issuing pre-qualification letters?

If I receive a pre-approval letter from Bank of America, am I suppose to question it? Should I speak to the Buyer’s Lender directly twice a week?

My Tulsa home Sellers are paying me to bring them a QUALIFIED Buyer – that’s a significant reason why they hired me. We didn’t accept an offer from a Buyer pre-qualified through an internet Lender – what more am I suppose to do to ensure that a Buyer is truly qualified?

LENDERS, I’d like to hear from you!

 

Originally Posted at: Midtown Tulsa Real Estate - Lori Cain

 

Posted by

_______________________________________________________________________________________________________

Let's Get Connected!

Lori Cain on Google Plus Lori Cain on Pinterestyou tube logoFacebook logoTwitter logoLinkedIn logoRSS logo


Please visit my web site if you are shopping for Tulsa homes for sale or call 918-852-5036 for more information about Midtown Tulsa Real Estate. In addition to my advanced grasp of the internet to market your Tulsa home for sale, I include a home staging consultation with every listing AND professional photography - at no aditional cost to you!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.

 Google Me

close

Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Morgan Mason 04/03/2011 01:14 PM
  2. Dana Devine 04/13/2011 04:06 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Groups:
Bartender, Make it a Double
Club Chaos
Cosmic Cow Pie...The Rome Way
The Vent
"Whacked"!!!
Tags:
prequalification letter
preapproval letter
lenders
financing

Comments 75 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
598,594
Donne Knudsen
CalState Realty Services
Los Angeles & Ventura Counties in CA

Lori - I LOVE MELANIE'S COMMENT #68!!!  That girlfriend is how you pre-approve a borrower.  She sounds just like me.  When a prospect contacts me, I ask so many questions first, long before I ever ask for one single piece of documentation.  I have often been chastised by my Realtor partners for scaring the holy beejesus out of their clients that they refer to me with all the questions I ask and the boatload of documentation that I ask for.  Before I ever put my name and contact info on a pre-approval letter, I make sure that my borrowers are actually capable of closing a loan.

April 04, 2011 04:23 PM
Rainer
5,467
Curron Eckwood
"Your Real Estate Specialist"
Coldwell Banker Select in Tulsa, Oklahoma

Lori - I would comment but everything has already been said.  I've had this happen to me once in my 5 years so I completely understand.  Now I'm on the Seller side of 2 pending to close right now and I'm praying this DOES NOT happen!!!! Good Luck :))

April 04, 2011 05:04 PM
Rainmaker
130,762
Liane Thomas - Corona & Riverside Real Estate
Bringing you Home!
The Jet Team, Keller Williams Realty, Corona Real Estate

Wow, usually if I get an approval from a big name lender, I think I am ready to rock. However, I have also seen 2 Wells Fargo deals go south. Maybe the loan officers are just issuing letters without documentation? My B of A rep is so good, if she says the deal will fly, it will.

April 04, 2011 05:29 PM
Rainmaker
1,165,850
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

I have had this problem.  I think you really want to look at the lender and loan officer, maybe get some idea of what they mean by pre-qualified and how far they are into the proccess.  BTW I have had pre-quals from big banks that were useless, so it is not size it is integrity and competence.

April 04, 2011 07:32 PM
Rainmaker
80,480
Debbie Solano
CRS -- Tulsa, Oklahoma Horse Properties & Land
Coldwell Banker Select, Realtors -- Tulsa, Oklahoma

Good grief, Lori!  I cannot even imagine how "irritated" you must feel.

Gerard, I love your idea of requiring an "underwriter's approval letter" for a small fee.

April 04, 2011 09:02 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the eye to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
484,157

Lori Cain

Midtown Tulsa Real Estate Top Producer
Happy to answer your real estate questions!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the envelope to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

View Lori Cain's profile on LinkedIn qrcode Web Analytics var domainy = location.protocol == "https:" ? "https://static.getclicky.com" : "http://static.getclicky.com"; document.write(unescape("%3Cscript src='" + domainy + "/110943.js' type='text/javascript'%3E%3C/script%3E"));

Clicky