1. I wanna buy a home. Your guy.
2. I'll go to the internet and submit fictitious data and receive an on-line pre-qualification.
3. Meet with a loan officer, submit a pay stub and get a pre-approval. 5 days before closing they will discover that annual $50,000 bonus never, ever existed.
4. Attend a 'get rich in real estate' seminar, join the program and have them print a bogus proof-of-funds document attesting to mountains of CASH accessible, but will not be available.
5. Have the actual account balance of your credit union account showing you've got the money!
6. Meet with a mortgage provider and have them complete the underwriting process FIRST, then provide a "Clear-To-Close" meaning YOU"VE GOT THE MONEY!
There is no reason to believe, at this time, the the buyer does not have good intentions. However, based on the choices available, this is the most risky of all. Advise you'll wait a day or two or three for the buyer to get their act together.
I am an a open book and a wealth of knowledge, feel free to email, call or text me with questions.
To gain insight as to who I am, how I conduct myself and how I take great care of my clients, please refer to my recommendations on Trulia.
Neal I. Akin - Realtor
The Akin Real Estate Team
Coastal Premier Properties
I'm sure I will be a lone voice on this issue, but I think accepting an offer from a non-pre-qualified buyer is perfectly fine. MOST buyers know their financial status and wouldn't be wasting their OWN time running around to buy a house if they can't get the money. And for those rare few who don't, it's no greater risk (in my opinion) than a buyer backing out of a deal for the other reasons available to them. A Seller can cancel the contract anytime if it appears the Buyer is incapable of performing, so just keep on top of them in terms of getting their loan application made. Best of luck selling your home...
Just say, "we like your offer and will probably sign it once you have a strong pre-approval letter". Until you get this, and even after you have it, anything can happen. Some lenders do a very brief review of a buyers application and credit and pre-approve them. Others do a in depth review of income, assets and employment to the degree that only the Title & Appraisal are required to close. These pre-approvals take a little longer but are meaningful when they are provided.