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?
Really, 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!
I used to use a Bank of America loan officer, until I found out that they base their so called approvals on what the buyer tells them. What a colossal waste of everyone’s time including their own.
I am glad to see you are not accepting internet approvals, those always are the worst. Get me a lender I can talk to and one that has seen the buyers payslips, tax returns and bank statements, then I’ll present to a seller. I am sure there are some very good loan officers in Tulsa, buyers need to take advice from their Realtors on this subject about who to and who not to use.