One reason why Prequalification never enough. PRE-APPROVED status assumes all underwriting conditions have been met.
This is one reason why sellers take 20% down offers. When I purchased my 2nd condo, I was able to win a semi-bid war with a no "FHA" sales contract AND home sale contingency. I remember Realtor stating that "God must have wanted you to have that house!," as sellers were looking at other offers. I was in distress when I sold it a few years ago and unfortunately had to go with investor's high (well-funded) offer. I honestly hated having to bypass the family that wanted a year earlier before I pulled off the market. Turns out the wait was worth it; I just couldn't take a chance. Realtors shouldn't work with buyers not well immersed in the financing, say, stage 4. Otherwise a lot of work for naught.
So yeah, it's on both sides.
(God has to be on AT LEAST One to buy anything now!) |
