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Update:
The same buyer has made a new offer, this time accompanied by a pre-approval letter stating he is pre-approved for a VA loan. So I called the man who wrote the letter. According to him, he was not aware of a short sale. He apologized and said he'd talk to the "buyer" on Monday.
The lesson here: always ask questions. Don't close your eyes and go barreling through the red flags, even if your agent tells you all is well.
I have bought a number of properties and not once have I ever been pre-approved or prequalified... ever.
I have had an agent ask for it and a quick call to their Broker took care of that.
I have also never failed to not close...
A good friend is a long time mortgage broker and he has told me the whole pre-approval/qualified doesn't really mean much because the fine print allows the lender to rescind for just about any reason they might dream up... a change in credit score, interest rates, funds availability, market conditions, etc...
Update:
The same buyer has made a new offer, this time accompanied by a pre-approval letter stating he is pre-approved for a VA loan. So I called the man who wrote the letter. According to him, he was not aware of a short sale. He apologized and said he'd talk to the "buyer" on Monday.
The lesson here: always ask questions. Don't close your eyes and go barreling through the red flags, even if your agent tells you all is well.
I'm working on a deal now where the buyer's wife did a short-sale last year and the husband is getting a VA loan now. The short-sale house was hers "sole and separate", and the new house will be his, the loan is based only on his credit & income. His banker says it'll fly, we'll know for sure in a few days.
So it might, kinda sorta be possible they'll get a loan, but plenty of hoops to get there.
This would a good reason for them to actually get pre-approved and is something their agent should have been working on with them prior to even showing any houses. A good agent would deal with this problem up-front before wasting anyone's time.
In my area most realtor ads say that they won't show your house unless the buyer has been pre approved. I thought this was most everywhere.
In my area most realtor ads say that they won't show your house unless the buyer has been pre approved. I thought this was most everywhere.
In my area the local stat is about 40% of homes are being sold for all cash... who pre-approves an all cash buyer and what all cash buyer would have patience to jump through hoops?
In my area the local stat is about 40% of homes are being sold for all cash... who pre-approves an all cash buyer and what all cash buyer would have patience to jump through hoops?
We are cash buyers. We just include proof that we have the money - like a bank statement with account numbers hidden. No hoops to jump through for cash buyers.
A cash buyer would be my first choice, but there aren't many around here.
I prefer to provide a letter from my bank saying I have the amount I'm offering rather than showing them every cent I have in the bank.
That works, too. In fact, I don't really remember which way DH does it. He takes care of that part.
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