There are two main reasons why a transaction falls apart. Not suprisingly, these reasons are the two most common contingencies in an offer to purchase in Wisconsin. One is the inspection. (In Wisconsin, home inspectors are licensed and must be used if the Buyer is making a claim to be released from the contract.)
The other contingency is financing. We are ever conscious of Lenders both used by buyers for our listings and used by our Buyers to purchase homes. What does conscious mean ? It means that..unless and until a lender has demonstrated that they can first of all...qualify a buyer and secondly, close a loan, they are not on our list of preferred lenders that our buuers use and are used for the purchase of our listings.
I see heads shaking in disbelief. There are Realtors and Buyers who will complain....and claim that it is "illegal" to require a buyer to choose from a lender list. We know that if there was one legal opinion, there would be one lawyer. While many people would view that as a good thing...reality says, there are many of both...opinions and lawyers. Our legal counsel agrees with the premise that the choice of a lender is a negotiable part of the offer to purchase contract. As such...we may....and do present each Buyer with a list...not one "favorite" lender...but a list. We are specific...not just the name of the lender but also the loan officer and all their contact information. We know, as experienced Realtors and other allied professionals know, not all loan officers are the same and are diligent about doing their jobs.
Our job...for buyer or seller is to have the loan closed with a qualified buyer. As recently as a week ago, we got a call from an experienced Realtor who had a buyer for one of our listings. He "knew" they were qualified with their lender. We explained our policy and he had the Buyers call one of the lenders listed. The Realtor "knew" has buyers had sufficient income to buy our listing. Yes....that was true...but what he did not know was their credit score,...which was later learned to be barely 600.
If you or anyone you know is looking to sell or buy a property in southeastern Wisconsin and want experienced Realtors who will guide and protect every part of the transaction, call the Hansons, we are honored to be of service.