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One time, I received an offer on a home that came with a pre-approval letter. I called the lender and let them know that I received a pre-approval letter from the buyer, and asked what the buyer did for a living. The lender responded that they didn’t know. I asked about their income and their credit, and the lender told me he didn’t know, and that he hadn’t even spoken with them before. I was surprised to find this out, so I asked whether they were actually pre-approved and, after a pause, he said, “Not really.”
This is a rare situation, but it goes to show that you need to scrutinize every offer you receive. Our team takes this very seriously. Every time an offer comes in, we feel it’s our duty to look after the seller to make sure that the buyer is qualified. Unless a buyer has a very large down payment, we require the buyer to pre-approve, or at least pre-qualify, with a lender that I know and trust. I want someone that I know to confirm that the buyer qualified, and I also want to see proof of funds and credit scores.
These requirements ensure that the buyer is for real and will not waste the seller’s time. In other words, know you’re in good hands and well-protected when working with our team! If you have questions about this or any other topic, we would love to hear from you. Give us a call or shoot us an email to get the ball rolling!
