Birmingham MI Home Sellers listing Tip#1, "Check The Financing" Mike Sher, (248) 496-1572, Max Broock
With such a difficult Real Estate environment, seller's and Real Estate agents get so excited when they get an offer they forget the fundamental of financing. The Agent also needs to but does NOT call the lender to verify the buyer's employment, reserves and credit. Plus, the agent needs to verify the credibility of the lender itself and if there are concerns, the seller should request the buyer to get a preapproval from a local bank to assure financing is secure. Also, the agent forgets to require proof of the down payment or inquire if the buyer has a home to sell. The offer they sign often requires t a 45 to 60 day pending period in the Realtors Multiple Listing System until closing and keys at closing.
You can guess what happens; the buyer's lender does not come through because of incompetence or unfamiliarity of local lending rules. Perhaps the buyer does not have the money to close after all or was qualified with older employment history. Sometimes the credit score was so close to the minimum limit which dropped prior to closing and now the buyer does not qualify.
Now the seller has a vacant home that has been off the market for 45 to 60 days or more. They paid for movers, bought a new home or signed a rental agreement. Yes, a NIGHTMARE!!! All could have been avoided by some Realtor Due Diligence. Make sure that when you get your next offer, the Realtor is NOT SLEEPING AT THE WHEEL.
Mike Sher is an Associate Broker with Max Broock Realtors of Bloomfield. The Mike Sher Team had over 15 years of Residential Real Estate experience in the Bloomfield, Birmingham, Beverly Hills, Franklin, Novi, West Bloomfield, Royal Oak, Huntington Woods, Orchard Lake, Farmington Hills, Northville, Waterford, Troy, Rochester, Oakland Twp and White Lake area. They average a sale a week and have sold more the 400 homes. If you have or are looking for a Oakland County home to sell or purchaser, call us today
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