Financing Games

If you’ve been hunting for a home lately, you’ve likely encountered it: the tantalizing new listing that requires prospective buyers to “qualify with XYZ Lender.”

Which of the following choices is the best explanation for that:

A. The Seller wants to make sure that prospective Buyers can afford the home;
B. XYZ Lender offers the best terms on mortgages;
C. The listing agent is trying to drum up business for XYZ lender.

Answer: C.

In my experience, a pre-approval letter from a name lender, combined with a quick, agent-to-agent phone call (“do you really want to sell the home?”) usually takes care of this financing “requirement.”

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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