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38 Comments on Make sure you're approved to buy before you list your home for sale!
Why is it we have to almost stand on our heads to get this one important message across?
Greg -- very wise advice. I chuckled at first when I read the title, but with an afterthought, this is pretty serious.
Greg, I've had a bad experience with a similar situation. A client got pre-approved with a friend of a friend dispite my recommendation to use a lender I knew. By the time his house sold, he couldn't qualify to purchase what we were supposed to close on in about a week. He was in sales and his income fluctuated but I'm not certain if he was really qualified even at the beginning. The buyer's father ended up buying the house and renting it to his son. It was a bit of a mess!
Excellent information, it should be paid attention too, this is a great post. Have a great day!
Greg - I have clients of mine going through a full underwriting approval before I list their house because there are a few potential issues, and I want to make sure they won't hae trouble later.
It just makes sense.
Hey Greg,
This post is really sound advice for sellers. And so many clients are resistant to this advice. Best of success to you this year!
You are so right Greg, and that is such a sad story. I guess another example of where they should have listened to their real estate agent's advice.
Greg, I've seen this happen and it is amazing that they won't talk to a lender. This one is a good one for me to re-blog for my market. Thanks!
That is a sad tale for those sellers. They would have done well to follow your advice. And it is stunning that they thought you could just "tear up" a CONTRACT!
Greg, as a former loan officer, I have seen this before... However, in today's market, I think we are going to be seeing more and more of this as people tend to think that abotaining credit was as easy as it was 5-6 years ago. The lenders are now looking at one's ability to repay the loan based on their current situation. Fixed income people getting their money from interest earned are really hurt by this as interest rates are so low, they earn virtually nothing on their investment(s). It is a different world out there compared to 5 years or so ago.
Greg, great post. I have seen this alot lately, where the client wants to sell their home first and then get pre-approved. Way to Risky!!! Cover Your Butt and Get Pre-Approved for your next mortgage!
So did they get the steak knives?
Last year I had a buyer that wrote an offer on a home and had it accepted. Two days later, the listing agent calls me and says that they want out because they can't qualify for another home. I said "Sorry. We are under contract. Better get moving to help them find something to rent."
Luckily for the sellers, the inspection was terrible and we walked. It worked out for everybody in the end, but it could have been ugly.
Good post.
these tid bits of information are necessary if one is to succeed first time out....a good agent always is on point
Some people only learn the hard way. That was an expensive lesson.
Greg,
This is excellent advice, esp in this current market.
Thanks for the post.
kevin
just had that discussion with a new seller of mine this afternoon.
Greg -- if their lender was their bank, they may have been overly limited. However, your point is excellent, in that getting their credit reviewed early on, could have provided time to get some of the issues cleaned up, knowing how long it takes to sell most houses these days.
Greg, great post. People always think they will get a loan---NO PROBLEM. This week I urged a soon-to-be seller to call one of my preferred lenders. The seller thought he could buy something w/o selling first...but now he realizes he must sell first. A simple 10-15 minute talk with a lender makes all the difference.
And in our area homes are selling so quickly you better get qualified and know you have plenty of options before you list as you may find what you want is not out there....I have a number of sellers who haven't listed yet because they can't find "the" house!!!
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