What Sellers and Listing Agents Should Look for in Offers/Financing

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Real Estate Agent with Fathom Realty Group License# 01336994

This is a follow up to another post from this morning but from a different perspective:  Sellers and Listing Agents.

What should Sellers and Listing Agents be looking for in offers these days--aside from the price, because the price doesn't mean anything unless the deal will close.

Here is what I learned yesterday:

  • Not just a preapproval letter, but a commitment from the lender
  • Verification of funds for down payment, closing costs and reserves (One agent was concerned that this might be a touchy subject for some buyers.  Fact of the matter is, everyone needs to know that the buyers can perform or it's a waste of everyone's time--including the buyer.)  Of course, black out any account numbers, social security numbers, etc.
  • You will want to see the first page of their credit report to make sure that their credit score is going to be palatable to lenders.
  • WHO IS THE LENDER?  Is it someone we know and trust?  Where are they?  How soon can we talk to them?

You will also want to consider the appraisal.  They can be taking longer these days with the lenders asking for more comps.

In short, do your homework, be prepared and work with people that are reputable, known and trusted.

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Tags:
california
sellers
northern california
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sonoma
sonoma valley
what to look for in an offer

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Rainer
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Anthony Derbyshire
Coldwell Banker Residential Brokerage - Fairfield, CT
Good post Kelley.  I think that, especially in a tougher market, asking the tough questions is something we tend to shy away from because we're afraid of what we may hear.  When all is said and done, though, all we have is our time.  When we waste it, we never get it back. 
Aug 15, 2007 11:46 AM #1
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Rainmaker
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Kelley Eling

Realtor Extraordinaire
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