RIS Media
OCTOBER 22, 2020
If the listing agent is allowed to disclose the other offers, make sure to obtain written approval from the seller before discussing this. Your client should also come prepared with a few other things: a pre-approval letter, earnest money deposit and, if they are paying cash, a proof of funds document.
The Close
FEBRUARY 14, 2024
Navigating the Selling Process Myth #8: Getting Pre-approved Should Happen After Finding Your Perfect Home House hunting can be exhausting. A pre-approval won’t take long and can save your buyer a headache if they find a home they love before realizing they can’t get a mortgage to pay for it. “And you know what?
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HomeLight
SEPTEMBER 30, 2020
Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan. The forfeiture of earnest money deposits document means that HUD can retain your 5% deposit if you do not fulfill your end of the sales contract for some reason not already outlined in the contract.
HomeLight
MARCH 16, 2023
More certainty: With a pre-offer walk-through, a cash home buyer can typically provide a firm cash offer that comes with few contingencies, or no contingencies at all. Ramcharitar advises asking for proof of funds such as a bank statement to ensure the buyer has enough resources to cover the price of the home.
The Close
DECEMBER 29, 2022
If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. Earnest money deposit. Also known as a “good faith deposit,” it’s the amount of money a buyer puts in escrow to show their commitment to purchase a property.
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