We just ran across something that we overlooked on a recent transaction. It especially bothers me since I am somewhat of a fanactic on anticipating problems and trying to eliminate them before they happen.
Here is what happened. We got this near perfect offer on our listing ....buyer had 20%+ downpayment, and buyer was pre-approved by a large bank. Unbeknownst to us, the buyer decided to change lenders, thus the appraisal and paperwork was delayed. And, we did not find this out until it was almost time to remove contingencies. The seller was in a tough place. They were packed and ready to move. They could probably kick the buyer out for non-performance, but how would that support the Seller's goals. It doesn't.
So, on pre-approved buyers, we will be countering that Buyer agrees to use the pre-approved lender