Second transaction this year that cancelled right before close due to the loan not being able to finalized. Both times I represented the buyer and both times they had their pre-approval (not pre-qualification) from the lender before we made our offer. It doesn’t happen all the time but in a competitive market, you want to have as much leverage as you can when negotiating a purchase. Best tactic is to have an underwritten loan approval where all contingencies for the borrowers have been processed and then it is just a matter of appraisal and conditions on the house. Next best is to work with a mortgage professional you or your agent has an established relationship with. In the first case, the earnest money was forfeited by the buyer. The second case…well, it will be an uphill battle. Don’t throw away thousands of dollars! Come to the offer table locked and loaded and your success percentage drastically in your favor. I work with the best in the city. Contact me today if you are thinking about buying, investing, lease purchasing or selling a home.
Any questions? Feel free to contact me. I would be happy to help you with any of your real estate needs – buying, selling, lease purchasing.
Peter A. Daniel, REALTOR®