Profile picture for Tristan Smith

Tristan Smith


1 Recent Sales (last 12 months)

Real Estate Agent & Mortgage Lender (15 years experience)

Buyer's Agent,
Listing Agent,
Purchase Loan


  • (10 Contributions,
  • 1 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

Waiting for the buyers loan to be approved,signed off on everything else, once approved can he walk.


I agree with Nelene, the buyer can walk at anytime during the process. There is, however, a Caveat in cases where financing is required to purchase the property. Bottom line, the seller needs to enforce their contingency period. The listing agent needs to stay on top of this and force the contingency sign off when it is Due. There are occasions when the contingencies need to be extended. The typical reason is because the Lender for the buyer is moving too slow and has not issued an approval in time. I can't stress enough that listing agents need to pay close attention to the buyers pre-approval, example, what lender are they using, the lenders Underwriting turn times, the debt-to-income ratios, the amount of Earnest money deposit offered, these all play into to the strength of the offer. The Sign off of the contingencies releases the Earnest money deposit to the seller. This, at the very least gives the seller some reimbursement for their time off market should the buyer back out. Unfortunately, if the buyer backs out before the release of contingencies, the seller loses. This is the cost of doing business and the risk the seller takes on when accepting an offer. The job of the list agent is to minimize this risk. As the buyer gets deeper into the transaction his investment into the process grows as appraisal and inspections are performed, the costs for these inspections adds skin in the game. As a listing agent and a Loan officer, I pay close attention to the Pre- approvals and will usually counter offer with an increased Earnest money deposit, when appropriate. Keep in mind, all transactions are unique, so its important to have a listing agent that understands the complexities of mortgage lending. If the listing agent is not a loan officer they can still scrutinize their pre-approvals through a trusted affiliated loan officer. Good luck!

What are the current VA points to the seller, FHA?


The seller does not have to pay points in an FHA and VA loan Scenario. Va and FHA Loans do have Non Allowable fees that the buyer cannot pay. These include Loan Closing or settlement fees, Documentation Preparation fees, Interest rate lock fees, Transaction Coordinator fees, Postage and Mailing fees, etc. I recommend negotiating on Price first and then let the Buyers agent and Loan Officer work out how to cover those fees. Once price has been agreed upon, you can always help the veteran by increasing the price to accommodate some closing costs, assuming the house appraises. If you are presented with an offer that includes the Seller paid closing costs, then focus on the Net proceeds for your decision. Always ask for a "Seller Net sheet"so you can estimate final Net Proceeds to you. There are many ways to work out a sale to a Veteran who is using their VA Loan. Don't shy away from VA Offers. Veterans are usually great buyers to work with. The Key to minimizing the risk of choosing a bad offer is to thoroughly scrutinize all your Pre-Approvals. 

How do I use Zillow to find comps?


I can help you with comps. Email me the property address and I'll do a CMA for you same day. Or you can go to and use the property value button. This is an Automated valuation module that lenders use to verify appraisals. Its a great starting point.

I need to know the current value of my other property in San diego, how do I go about that?


Hello Bejon,Short of an appraisal, your best bet is using a local agent to run a CMA for you. When searching for an agent to run values for you, ask them if they have any experience in doing BPO's( Broker price opinions). These are more involved than CMA's and provide greater accuracy. I offer this as a way of refining the CMA. One thing to keep in mind, appraisals are driving the final sales prices these days. Since most of the buyers out there are financing a portion of the cost, it's important to look at these values through the eyes of the lender. I usually lean toward the conservative end of the value range for accuracy because this is what the bank is going to use when approving loan. There are many things to consider in the sale of a property, accurately assessing the value, and considering how the potential buyer will finance the purchase is one of the most important. Please feel free to contact me for any questions you have, [content removed by moderator for being self promotional]