How does your lender make a deal happen?
My lenders not only issue a “pre-approval” letter but give me “credit approval”. The pre-approval letter states all we need to get this deal done is a contract,
pre-liminary title report (California!), appraisal and insurance binder. THAT is a pre-approval. None of this crap about “verification of income, credit, etc” . I also make sure my lender does something many do not do—CALL the LISTING AGENT and explain how super qualified my Buyers really are!
I’ve listed many properties and have had many an offer come across my desk but RARELY do I have a lender call me. I find the real confident and more professional lenders are the ones who will do this for me and their clients. If they balk I move on to a better lender. If you can’t speak with total confidence about a buyer’s ability to buy and obtain a loan then something is amiss. Of the hundreds of lenders now working in our area I know of three lenders who regularly do this. Imagine the impact this will have on the listing agent when a lender calls him or her and explains in detail the qualifications of the Buyer. Obviously get permission from the Buyer to allow the lender to make the call. But every buyer I’ve worked with is absolutely thrilled when I state this is what our lender does for the “team”. Try this next time you are presenting with a multiple offer and overbidding listing.
If your lender is too shy to do this or says it is rarely done, then cut them lose! Remember, Zig’s line—“Shy salesman have skinny kids!”