Tuesday, October 27, 2015

Why Do Some Listing Agents Require Cross Qualification With A Preferred Lender?

Pretty simple answer. We want to make sure it's going to close! We need to do our due diligence to protect our sellers. If that requires our preferred lender putting the stamp of approval on it, so be it.

(Yeah, I used a cute SOA pic!)

When I write an offer for a buyer and they ask for cross qualification, do I fight the listing agent on it? Nope, not if my buyer is super interested in the property. 

Sometimes, the preferred cross-qualifying lender just talks to buyer. Sometimes they look at partial documents, sometimes they want a new credit report. Whatever they want, if my buyer wants the property, we turn it over. Simple as that. No fighting about it.

Doesn't matter if it's a 250, or 775, or 990 thousand dollar property. A few million for that matter. One of the biggest fails I see in Real Estate, is the property went back on the market as the buyer couldn't qualify.

Really? That agent's poor seller is left hanging out to dry with so much time wasted. Lost opportunities. I'm not one of those agents. I've yet to have a buyer on one of my listings not be able to close due to not being able to qualify for their loan. That's not one in over 13 years of selling homes. Nope, not a one!

Know why? Because if I don't know your lender......your buyer is going to cross-qual. That's why!

No comments: