Short Sale Listing Agents + Loan Officer = Match Made in Heaven

By
Mortgage and Lending with Primary Residential Mortgage

I still can't figure out why every short sale listing agent isn't using a loan officer to pre-qualify all offers that come in on their listing.

I am sure several listing agents will give me their reason why they don't, but here are my reasons why... hopefully I convince one listing agent to start...

1. I have seen countless of short sale deals fall apart at the last minute because the buyer's offer who was accepted fell apart because they were not really qualified. Not only does the listing agent now have to scramble to get extensions and a new buyer, but now we potentially have a seller who will be foreclosed on. Its a lot easier for your seller to buy again if they have the short sale versus a foreclosure.

2. I come from a background of working with builders, and the builders had it all right... control the process! Back in the day people really didn't have much of a choice to use outside lending when buying a new home. Why?? More than anything (other than the money) I believe the builder/seller wanted control of the process knowing what was going on with their buyer (they did not want standing inventory). This concept is no different for the listing agent. Work with someone you trust to help control the buyer and update you in the process of the offers and or the accepted buyer. 

3. Having a lender partner pre-qualify offers helps protect the seller too, and, it is a value add when you do a listing presentation. If you offer a financial professional to help weed out bad offers it is another value you offer for working with your team. 

4. Don't let all your hard work and time working the listing go to waste because a buyer isn't truly qualified. Think of a loan officer as insurance on your work

 

It will be interesting to see the responses, 

Comments (1)

Steve Willis
Keller Williams Integrity First - Gilbert, AZ
Realtor - Gilbert, AZ

Hi Joseph,

In Arizona, the pre-approval typically arrives with the offer and thereby becomes part of the contract.  We use a standardized form known as an LSR - Loan Status Report.  There are also updates called LSU - Loan Status Updates.  Generally speaking, your offer will be unlikely to receive acceptance if the LSU document is missing.  Hope this helps make your point!

Steve

Oct 31, 2011 12:41 PM