Listing Agents Who Call the Buyer’s Lender
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 individual loan officer, 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, the first time . . . on a weekend.
A bad omen?
When the number on the pre-approval letter is disconnected (that’s actually happened).
See also, “First-Time Buyers’ Handbook.”