10 Questions listing agents SHOULD ask LO’s before accepting an offer

Listing agents like lending surprises on their listings about as much as a cat with a surprise bath. Accepting an offer on a home means taking it off the market for 30-60 days, passing on potentially well qualified buyers and a seller who will want updates on how the process is going. How can you ensure that not only will this home close, but that there will be consistent, proactive communication throughout the sale? Use this cheat sheet of questions for discovery about the buyer and their lending situation. Your seller will appreciate you going the extra mile to avoid any 11th hour issues.

Click here to download your copy of the 10 questions to ask a lender before accepting an offer:

  1. Does the buyer already own a home and is this purchase contingent on a home sale?
  2. Have you gathered client documentation and run the file through Automated Underwriting?
  3. Has the file been fully underwritten for a credit decision?
  4. Is this the timing of the closing date realistic?
  5. Can you meet the proposed mortgage contingency?
  6. If the rate goes up from pre-approval, will they qualify?
  7. Do we need an appraisal or does this qualify for an appraisal waiver?
  8. Does the borrower have the funds in case of an appraisal shortfall?
  9. What is the contact information for your team?
  10. What kind of regular communication can I expect after we go under contract?

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