When I present an offer to you, a letter or pre-approval form from their Lender should accompany it. If it is a cash buyer I will request proof of funds from their banking institution.
Before you decide to accept an offer from a buyer, I will speak with the lender or agent to confirm that the mortgage can be obtained under the terms of the purchase contract. Here are some important questions that I will ask.
- Has the buyer applied and been pre-approved for the loan?
- What is the expected number of days we can expect to close in?
- Does the Buyer have enough money to pay for the closing costs and down payment?
Knowing these answers will help us be able to move forward with the closing process.