When's the last time you had a ratified contract fall through because of financing, even though you had a "Pre-Approval" letter from a lender? Just once is one time too many. Often times in the past with my listings, when we offered incentives to the buyer I required that any offers be approved by my designated lender. As long as the rate was competitive, I found little resistence. But as of late, and because I have recently been certified as a Distressed Property Expert, I have started to require that the buyer be pre-approved through my lender, one who I know and trust, and can be assured that when he approves them there will be a 99.9% chance of closing. Short Sales are challenging enough, so having a knowledgeable, trusted lender will take one more obstacle out of the way of a successful closing. I have started to make this a key component to all of my short sale listings. We will see what the success rate is with this tatic as time goes on. In the meantime, I'd welcome any opinions on this matter.
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Jonathan and Associates, Inc - Charlotte, NC
Charlotte House Hunter Group
I couldn't agree more. The banks require it and now they're starting to offer huge incentives to use their financing on their properties.
Jul 18, 2009 06:56 AM

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