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Answers (5)
- John Bressor, "John Bressor"
- Contributions:3
not just price. does closing time frame meet your needs, down payment, pre-approval letter from a reputable lender, do they own a home and do they need to sell to make the purchase. if they need to sell, you need to know how long their home has been on the market, what kind of activity it is receiving and is it priced correctly, if it is not priced for today's market, then their offer to purchase your home will not materialize and therefore their offer is not a strong one..
- paul weinzimmer, "FHAPAUL"
- Contributions:128
I don't think an agent should ever except a pre-approval letter with out a max value on it. If you don't want the seller seeing the max value just contact the loan officer to get a new one with the offer amount on it. That would be a good time to talk to the LO and do a little networking while you are at it.
Hope this helps.
Paul
Hope this helps.
Paul
- Jim Basquette CRS, CNE, "Jim Basquette"
- Contributions:1231
Although price is the most popular, and is very important, there are several others.
Ability of the buyer a get a loan.
Unfortunately, pre-approval letters which are the best way to determine this, aren't always accurate. A pre-qualification is where the lender has spoken to the borrower and baised on what they said, they qualify for a loan. A pre-approval letter is suppossed to be a step above that where the lender has actually verified the information by receiving copies of documents and contacted employeers for job verification. Other than the appraisal of a particular property, the loan is all but approved. Lender are not always to do all of this, so many 'pre-approval letters' are really pre-qualification letters. Another problem is that to "protect the buyers negotiation power", the buyer, buyer's agent or lender choose to make a new letter the offer amount or worse yet no amount. on the letter. They are inadvertently doing the buyer a disservice. As a listing agent with a home listed at say $400,000 and I receive a letter for the offer price of say $380,000, the seller is reluctant to accept or counter for fear they won't actually get the loan. No amount letters are worse, I really dislike finding myself telling the seller " Good news. they are approved for $0, but they are offering full price!"
Other terms like type and amount of the loan, closing dates, occupance dates and contingencies are some other factors.
Ability of the buyer a get a loan.
Unfortunately, pre-approval letters which are the best way to determine this, aren't always accurate. A pre-qualification is where the lender has spoken to the borrower and baised on what they said, they qualify for a loan. A pre-approval letter is suppossed to be a step above that where the lender has actually verified the information by receiving copies of documents and contacted employeers for job verification. Other than the appraisal of a particular property, the loan is all but approved. Lender are not always to do all of this, so many 'pre-approval letters' are really pre-qualification letters. Another problem is that to "protect the buyers negotiation power", the buyer, buyer's agent or lender choose to make a new letter the offer amount or worse yet no amount. on the letter. They are inadvertently doing the buyer a disservice. As a listing agent with a home listed at say $400,000 and I receive a letter for the offer price of say $380,000, the seller is reluctant to accept or counter for fear they won't actually get the loan. No amount letters are worse, I really dislike finding myself telling the seller " Good news. they are approved for $0, but they are offering full price!"
Other terms like type and amount of the loan, closing dates, occupance dates and contingencies are some other factors.
- Trang Beuschlein, "HomesInSiliconValley"
- Contributions:126
Also, if you have offers that have basically the same terms, then you should look at how easy the agent and buyers will be to work with.
- Kerry Cybulski, "kerryrealestate"
- Contributions:143
The terms involved. The asking price, closing costs, contingencies, dates till title transfer and verification of the buyers financing.
Recieving offers - What are the things we need to evaluate?
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- 0.0/5.0
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