Lending guidelines are continuously changing and very strict when approving a buyer for a loan. That IS a VERY good thing. We NEED to have a well qualified buyer putting in an offer lest it's wasting everyone's time and putting the seller and buyer's life on hold.
When an offer comes in the Realtor® goes over all details of the contract, the addendums AND the prequalification/preapproval letter that's attached. We speak to the loan officer and go through the credit worthiness of the buyer.
Pursuant to our Purchase Contract the buyer has XX amount of days after acceptance of the offer to go through the application process and submit a prequalification letter based upon the review of Buyer's credit report and items in the loan application.
Time and time again we will run into a situation where the loan officer is all for the buyer being well qualified only to have them evading an update during that first week after acceptance. Why? Because they're scrambling to FIND a lender that will take their client's loan when all along they KNEW that it's borderline to begin with.
We think in the best interests of our clients and scrutinize all letters of credit worthiness and speak to the loan officer regarding their letter of prequalification or preapproval. We then pass all the information to the seller and go over the offer...and they make a uniformed decision if they will accept that offer or not.
We think and do everything in our power for the best interests of our clients.
BUT..........Mr. Loan Officer........
There's a difference between the "buyer is well qualified" and it ‘may or may not fly'.
Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
© 2007-2012 Celeste "Sally" Cheeseman's Hawaii Real Estate and Relocation Blog.
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