“Who Ya Gonna Call?” (When an Offer Comes In)
As a Buyer’s agent, how can you tell if the listing agent (representing the Seller) is taking your client’s offer seriously?
They call the Buyer’s lender — specifically, the lender on the Buyer’s Pre-Approval letter — and verify key information.
Like, whether they’ve previously worked with the Buyer; the type of loan being applied for (conventional, FHA, etc.); and any other circumstances likely to affect that Buyer’s creditworthiness — and therefore their odds of getting a mortgage.
Qualifying the Buyer — and the Buyer’s Lender
When I’m the listing agent, I also like to vet the lender, their institution (if it’s not a “name brand” like Wells Fargo or U.S. Bank), and generally get a feel for whether they know what they’re doing.
As I tell my selling clients, when I receive an offer, before I call them, my first call is to the Buyer’s lender.
P.S.: A good omen is when you reach the lender on their cell, first time.
A bad omen is when . . . the number on the pre-approval letter is disconnected (that’s actually happened).
See also, “First-Time Buyers’ Handbook.”