How to Distinguish a Quality Offer
Though the current climate of the lending institutions has changed, there are plenty of qualified buyers actively looking to buy. How do you determine a quality offer? Determining the purchasing power of a potential buyer is more than price and terms. Most agents submit a pre-approval letter with an offer, but does it really stop there? Needlessly sweating out the days until the loan contingency is removed is not a proactive approach.
When reviewing offers, getting answers to the following questions is critical.
- How is the lender basing his approval?
- Has the lender looked at tax returns?
- Has the buyer filled out a loan application?
- What is the Fico score?
- Do you want a copy of the financial statements?
- Is the deposit money seasoned?
Pulling money from other sources and quickly depositing into bank accounts will raise every eyebrow. Being proactive is the best way to achieve your goals. A buyer who is serious about buying wants to do all they can to help in having a successful transaction.
