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.”
