If your buyers need to speak with a lender who can turn around their approval quickly, I would be happy to assist.
Can do, will do,
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
It is fairly standard practice in this lending environment to submit a pre-approval letter with credit scores and closing cost/down payment confirmed and/or proof of funds to close with all purchase offers. If this is your preference, the listing agent should include any requirements in the MLS notes or request when an offer is made.
Lending is not easy any more and the more your home is off the market , the more buyers you are loosing out on if your current buyers can't fit the bill. Your agent should have explained that they make sure all buyers are qualified before you even listed with them.
Copy of DU Findings (This a system run by Fannie Mae, saying they will buy the loan)
Copy of Credit Report
Copy of Proof of Funds ( to include down payment & closing cost)
Access to my buyers lender for the agent to call and check status of the loan
The bottom line is to convince you ( the seller) that the buyer is 100% capable of purchasing your home.
P.S. I'm in Fairfield too, let me know if I can help you.
Broker / Owner
I absolutely agree with what Shanna has stated. In addition, there's even something BETTER than a Pre-Approval Letter that really provides evidence that the Buyer is qualified to buy your home called a â€œDUâ€, which you can read about here: http://www.trulia.com/voices/Home_Buying/How_long_is_a_pre_a
There's an important distinction I'd like to make - about 90% or more of the "prequalificaion" letters handed from the loan officer to the buyer's agent and then delivered to the listing agent are all loan officer opinion letters. Most have never actually been reviewed by an Underwriter.
If it were me I'd demand a fully Underwritten pre-approval letter. Is it an extra hurdle to make the buyers jump through? Sure it is. Does it increase your odds of having a contract with a qualified buyer and not wasting your time? Yep.
Cost should not be a factor - the ONLY expense involved is a credit report which runs about $20 or less. If the lender wants more money upfront maybe call someone else.
I have some clients ask "well, how do I know if an Underwriter approved the loan?" There will always be a written communication from the Underwriter to the loan officer communicating the approval. If the loan officer tells you they can't produce the approval I'd be very concerned.
That's my two cents.
If you have any other questions, please feel free to contact me.