“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.”
We were preapproved for 155,000. We found a house and put an offer in and our offer was excepted of $82,000 for a house selling for $89 900. So we put our fees in for closing and lawyer Costs and had till closing to deposit the remained of the 5%. We paid $1500 Days before closing we were denied by the banks. Even with A co-signer And I found out 2 days later it was sold at asking price to a company. I feel the sellers agent due to a conflict of interest had something to do with our denial. We had a different realtor hired to help since the conflict with the sellers agent. How can I find out if my suspicion and gut feeling are correct? If so what can I do?