Read This Before You Sign a Contract With a Buyer
Imagine taking your home off the market for 60 days while a prospective buyer tries to buy it. Then, 60 days later, the buyer finds out they can’t get a loan. You just wasted 60 days of marketing time! Now, imagine that during the 60 days, another buyer wanted to buy your home. But the buyer couldn’t purchase it. Why? Because you signed a contract with the first buyer. By the time you find out the first buyer could not obtain financing, the other buyer has already bought a house! Ouch! You just lost a sale! This is why it’s so important to make sure a buyer is able to obtain financing before you sign a contract. Fortunately, there are mortgage lenders who can pre-qualify any prospective buyers and tell you whether they’re likely to obtain financing. It costs you nothing to have lenders prequalify your buyers. It costs them nothing. This is a free service. Buyers are under no obligation to use a pre-qualifying lender to get their loan. (Hopefully they are working with a professional buyers agent and are "shopping" rates and fees. Not all lenders are the same.) A lenders job is to help buyers get the best loan for their financial needs. As a seller, it's helpful for you to know the loan options and be familiar with how each of them can potentially affect the sale of your home and closing process.
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