If I have not worked with the co-broke and don't know the lending insititution that has issued the pre-approval letter then I ask the buyer to speak with a lender I do a lot of work with. I do not dictate who they finance with, but I do want a trusted professional that I work with you speak with the buyer and run their scenarios.
I have found that only buyers that have something to hide will balk at this request. This has saved so many deals and allows the professionals to be involved in the transaction. I hope this is helpfu. Best
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I always call the Lender when I receive an offer before I even present it to the seller. I usually can get a pretty good gut instinct if there is a problem with the buyer and their financing. Let's face it, these days is nothing like it use to be. I've been selling for over 15 years and thought I had seen everything until the last couple of years.
Best of luck closing!
I never go out with any buyer who does not have a Pre-Qual for a loan. I actually had one "buyer" come in with something that looked like it came off her home computer and was not signed, saying that was her Pre-Qual. When I brought my loan officer in to re-do this she refused. I doubt that young lady was able to purchase. I agree with you that it's not a buyer...if they cannot actually Buy.
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The population of citizens matching this buyers profile will increase. We could see buyers with truly strong cash flow but FICO is in the toilet.
There are opportunities here that benefit both the homeowner and the buyer. In your case, the subject property was under contract making the discussion irrelevant. If you have other distressed home sales, explore what can be done that would be beneficial to both the owner and buyer. After all, our service is help and our product is solutions. Unfortunately, in the wild wild west of short sales, skilled and knowledgeable agents are required on both sides of the transaction. Sometimes that just seem too much to expect. Why would a real estate professional take a buyer on a lookie spree who they know can't finance a happy meal and has no optional proposition?
Additionally, when an offer is presented on one of my listings specifing a lender I do not know and is not local. red flags go up and penalties go into the contract.
This is a very bad situation and in the future avoid this by Bullet Proofing your deals. This is important for you to get paid and also in your clients best interest foremost. When dealing with Short Sales or any sale for that matter, you have a very important job to handle your clients interests and the banks.
As the listing agent you must adhere to stringent criteria and require to talk with the lender. Ask them all the questions you ask your buyer. Even if they seem basic and redundant. "ASK!" Some things the lender may not want to provide but always ask and require.
But I will say the lender and buyers agent in this case are terrible. Make sure you control every part of this deal in the future. Let your guard down once and you will get smoked, as you already have.
figure out a "real" Buyer but the Mortgage Broker here is obviously not very good at what they do. In fact, this is a travesty as both FICO score and background of Bankruptcy had to show up! Shame on the Lender