Home Selling in 44720>Question Details

Jon Samuelson, Home Buyer in Prescott Valley, AZ

Is accepting an offer from someone who is not pre-qualified wise?

Asked by Jon Samuelson, Prescott Valley, AZ Sun May 18, 2014

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8
Could be a risky move, so why not simply wait for the potential buyer(s) to acquire a pre-approval before moving forward...
1 vote Thank Flag Link Mon May 19, 2014
Evolution of home buyer qualification.
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.
1 vote Thank Flag Link Mon May 19, 2014
Simply stated the answer is no!
1 vote Thank Flag Link Mon May 19, 2014
I couldn't help but chime in on this question. The simple answer is No. Many people believe they can qualify, and the truth is that they cannot. They can get pre-approved in a matter of hours, or even less. If they are not willing to do so, I suggest you reconsider accepting their offer. Or you could counter offer with the stipulation that they provide a pre-approval, or cross qualify with a lender of your choice. Best of luck!

I am an a open book and a wealth of knowledge, feel free to email, call or text me with questions.

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Very Respectfully,

Neal I. Akin - Realtor
The Akin Real Estate Team
Coastal Premier Properties
858.692.0677
nealakin@gmail.com
http://www.nealakin.com
BRE# 01812949
0 votes Thank Flag Link Mon May 19, 2014
Hi Jon:
It depends upon the situation. In my area, an owner would not want to move forward with a potential buyer who has not done some preliminary homework, unless of course, it was an all cash deal, with proof of funds.
0 votes Thank Flag Link Mon May 19, 2014
Jon...
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...
0 votes Thank Flag Link Mon May 19, 2014
Jon,
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.
0 votes Thank Flag Link Sun May 18, 2014
Why would anyone consider accepting an offer from a buyer without proof that they are qualified?
0 votes Thank Flag Link Sun May 18, 2014
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