I think to submit an offer, you should the following (which i do with all my offers)
-Complete DU Findings
-Copy of Deposit Check
-Proof of Funds
-Underwriter Approval (if you have this)-If you do the only conditions should be purchase contract, prelim and appraisal..etc, all the income and assets, employment should all be signed off.
I think if you submit these, the offer should be much stronger and the buyer should have a better chance to get the offer though...
A Pre-Qual = phone conversation, Pre Approval = pulled credit, review with eyes and hands paystubs, w-2, tax returns, loan application & ran through automated underwriting for approval. Loan Commitment in my eyes as a lender should be that all conditions are cleared. Once all conditions are clear and the underwriter provides that CTC (Clear To Close) one should be closer to settlmen and provide a loan commitment.
A true CTC are coming about 2-3 days before settlement. Of course all this means nothing if the buyer gets fired, laid off or leaves this world involunatary. Nothing is final until Settlment is over â€“ itt's best you work with professional in this market with experience.
Thanks - have a great weekend!
Fairfax Mortgage Investments, Inc
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors