Friday, I closed on a $322,000.00 short sale, Monday I close another for $340,000.00 and amazingly enough, both buyers, brought me "pre-approval letters" from the exact same lender.
Just so you are clear, these are 2 different homes, 2 different buyers but, both had the same exact lender. Now, the reason this is critical to understand is because, on both offers, I made sure to ask for a Pre-Approval Letter and, you would think that because both buyer's are using the same lender, the Pre-Approval Letters would be virtualy the same.....right?
WRONG!
Both were Pre-Approved but they had dramatically different letters. See below....
Letter # 1 (Pre-Approval)
Point # 1: Written by the Underwritter.
Point # 2: "Funding only contingent upon appraisal and home inspection"
Point # 3: Buyer has had credit verified and determined credit worthy
Point # 4: Assets have been verified.<br>
Letter # 2 (Pre-Approval)
Point # 1: Written by the Loan Officer
Point # 2: Funding is contingent upon verification of income, credit and employment
Point # 3: Buyer has been "PRE-DETERMINED" credit worthy (NOT VERIFIED)
Point # 4: Assets have been stated.
1 of these is a guaranteed buyer, the other isn't................can you tell the difference?
It's very important that agent's representing sellers in Short Sales educate their Seller that its important to read the "pre-approval letter" and be smart on which exact offer they take.
