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 INANCING
 Lots of folks make offers on homes, but lack the ability, or knowledge, to secure adequate financing to successfully close the transaction. This can tie-up your property and you may miss the "right" buyer. It is always necessary to verify a potential buyer's ability before accepting a purchase agreement. Usually the buyer will have what we call a "pre-qualification letter" from a lender. But, you must read them carefully to make certain they are meaningful and not filled with all sorts of "conditions." The best letter is a pre-approval which states the buyer is qualified, and conditioned upon an acceptable title report and appraisal. It is always appropriate to ask the buyer how much will they be using as a down payment, where is that amount currently located and what lender will they be using...and then verify this information.
This is an extremely important issue. If a buyer has not spoken with a lender, you should make that a condition for the buyer to accomplish within the next three days.(This can be included in your purchase agreement.) You don't want to have your home off the market for a long time while a potential buyer is trying to figure out a financing program. I have a mortgage planner with whom I have worked. I actually met him when he asked me to represent him in the sale of his home. If you like, you could certainly refer a buyer to him, or request them to be pre-approved even if they indicate they have a lender, but have no documentation. His name is Floyd Walker, CTX Mortgage Company, Cell: (425) 829-5626 or Direct (425) 869-3485, Email: floyd_walker@ctxmort.com. Floyd represents numerous lenders and has over 70 different types of loans available. Please mention my name--and no, I do not get any referral fee from Floyd, just good continuing service for my buyer clients. In fact, Floyd has a way he can save you, or a buyer, hundreds of dollars on a home loan if you'll be purchasing another home.
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