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I am house hunting in a different area and can tell you that would be deal breaker for me! As a buyer or seller everyone needs to have equal representation....check for motivation. Is your agent working for you or are them getting a kickback from the mortgage company ?
Stick with the preapproval clause. Sure ut could limit showings to those qualified to purchase however on the other hand it will protect you from having a deal fall through at the last moment and your property sitting for months
If I am buying, I would already have my own lender already lined up. I'm not going to be submitted the paperwork all over again to a lender I am not going to use.
If I am selling, I won't accept an offer where the buyer can't show me where the money is coming from to pay for the house. But I don't much care where the money is coming from, as long as the buyer can prove he can get the money.
It's not out of the question to accept an offer with the clause that the buyer has 2 working days to prove up funds. Proof of funds does not necessarily have to come with the initial offer.
Adding: it is beyond me why any agent would be out showing property to anyone without some sort of knowledge that the potential buyer could come up with the money to purchase.
If I am buying, I would already have my own lender already lined up. I'm not going to be submitted the paperwork all over again to a lender I am not going to use.
If I am selling, I won't accept an offer where the buyer can't show me where the money is coming from to pay for the house. But I don't much care where the money is coming from, as long as the buyer can prove he can get the money.
It's not out of the question to accept an offer with the clause that the buyer has 2 working days to prove up funds. Proof of funds does not necessarily have to come with the initial offer.
Preapproval from ANY LENDER!! It does not have to be the Listing Agent's choice! Preapproval is an absolute must with a serious offer, but this being tied to the Listing Agent is insanity and I believe the OP is naive and inexperienced with the home selling process.
If someone is buying a house, the ducks should be lined up and ready to go if they are serious buyers. this 2 day to provide proof of funds things is BS as well.
The only thing I can think of - is my listing agent requires that the buy be pre-approved through his lender before he will accept an offer. Is that driving potential buyers away?
Are you absolutely certain it says through his lender as opposed to a lender?
Stick with the preapproval clause. Sure ut could limit showings to those qualified to purchase however on the other hand it will protect you from having a deal fall through at the last moment and your property sitting for months
Any lender? Sure. The agents lender? NOT unless there was a major payment to the home seller for the aggravation and lost sales opportunities.
However, OP, you did say that this was in your contract...but you also said you had a deal fall apart because the buyer was unable to get financed. So how did this happen if every buyer is approved through the agent's lender prior to making a bid? If the deal did fall apart due to financing, what good is the agent's bank's approval?
Any lender? Sure. The agents lender? NOT unless there was a major payment to the home seller for the aggravation and lost sales opportunities.
However, OP, you did say that this was in your contract...but you also said you had a deal fall apart because the buyer was unable to get financed. So how did this happen if every buyer is approved through the agent's lender prior to making a bid? If the deal did fall apart due to financing, what good is the agent's bank's approval?
Hmmmm......
Because the original one still went with his own financing, and couldn't get it together anywhere near the arranged close of escrow.
Because the original one still went with his own financing, and couldn't get it together anywhere near the arranged close of escrow.
I can't say he's wrong.
If someone brought me an offer from Bank of America, I would want them to talk to my lender (or a better lender). There are lenders who cannot get the job done.
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