Relocate to Wisconsin : "Just Ignore the Dates on the Pre- approval"....Say What ?

"Just Ignore the Dates on the Pre- approval"....Say What ?

    In southeastern Wisconsin it is very often required that a Buyer accompany any offer with a letter of pre-approval.  In the case of our listings.....we go one step further and in our MLS descriptions we say: "A letter of pre approval from a Mortgage bankerlocally recognized lender."   Lenders out of the area, with unknown reputations are not the people we want to have our Sellers trust to get the job done...at all or on time.

     We  saw a pre approval recently that  was "written" on one date and expired 30 days earlier....Ooops....a divorce the transaction....and we cautioned that the loan officer should be called...the date was wrong and things had changed in the  last 30 days. ...the document clearly said that nothing could change from the time of application. Thirty days is a very long time...long enough...to buy a car, to purchase furniture...incur lots of debt of lots of kinds that would sway the Debt  to Income from black to red !

       Read EVERY word....check every date.....make the call to the loan officer that clarifies what you don't  understand ...what you feel might be missing. 

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 24 commentsSally K. & David L. Hanson • July 28 2017 11:01PM

Comments

Absolutely pay attention to every itty bitty detail on the pre-qual! I run into a doozy this week and it's was like - and who do think is really going to believe this?  Naught!!

Posted by Anna Banana Kruchten,CRS,CRB,GRI, Arizona's Top Banana of Real Estate! (Phoenix Property Shoppe) 3 months ago

I do the same and say "A local and trusted lender" Sally K. & David L. Hanson 

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 3 months ago

Oh my goodness, I had this SAME conversation with an agent this week.  I can't believe that agents present old pre-approvals - especially in bidding wars, Hansons both!

Great advice, for sure!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 3 months ago

Hello Sally K. & David L. Hanson,  You are so right, I sooner have a local lender then a web company for a letter and someone I can call.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 3 months ago

I just shudder when I hear these kind of things, Sally K. & David L. Hanson.  There's a real disconnect somewhere.  And obviously communication is zero.  You're absolutely right.  Much can happen in 30 days ... and even shorter durations.  

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 3 months ago

Always work with a loan officer with a proven track record of good judgment, efficient processing, and delivering on promises within the timeframe.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) 3 months ago

Sally & David,  It's ALWAYS all about the details.  You just can't ignor them!

Posted by Gordon Crawford, Your Morris County Specialist! (Gordon Crawford Home Selling Team) 3 months ago

Sally and David

The dates are very important on a mortgage pre-approval.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) 3 months ago

Sally and David

Congratulations of the feature an informational post.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) 3 months ago

Sally and David

Oh, boy do those details matter. "Ignore" is a dangerous word in the real estate business in so many way.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) 3 months ago

Well the only thing tops this is when they get preapproval letters and proof of funds off the Internet:))Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 3 months ago

I am surprised at some agents. Your clients are lucky to be working with you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 3 months ago

The often used and mentioned phrase "time is of the essence" is no myth

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) 3 months ago

Time is money!

Posted by Andrew Mooers, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) 3 months ago

Hi Sally and David --- sometimes our job feels a bit like an investigator.  Asking the right questions is a part of that along with keen observational skills come in handy.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) 3 months ago

Not t only date but the mortgage originator didn't sign it because he was not at his desk to sign and scan it. Also don't worry about his NMLS#. He is a private money lender.

Posted by Muhammad Mushtaq, Broker/Realtor (Weichert, Realtors® - SBA Group) 3 months ago

yes, there is a window for getting that pre-approval letter.  not too far in advance and in time to accompany an offer.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) 3 months ago

Dealing with a simular situation right now, finally got the loan approval yesterday afternoon. My buyer was approved for another property but he ended up making an offer on something else. Had to re-submit the paperwork to get the right one on it, even though that was for less money, go figure...

Posted by Eva B. Liland with Century 21 Doug Anderson, Selling Your Home in Today's Market (Century 21 Doug Anderson) 3 months ago

Yes Sally I have heard those words too...you must always do your due diligence even with an agent you know well!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) 3 months ago

Sally and David- you have to pay attention to details! That's what makes you stand out from the rest.

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 3 months ago

Our state contracts call for a pre-qualification letter is required within 5 days of acceptance of contract. I typically want to know more than that and faster than that in taking an active house off the market.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 3 months ago

Dates are important...lender changed date of closing causing their clients to default on the contract. We now have a mess on our hands...

Posted by Raul Rodriguez, Looking out for the client's interest and not my p (Covenant Partners Realty) 3 months ago

The dates are very important because a lot can change in a short period of time.

Posted by Nathan Gesner, Broker / Property Manager (American West Realty & Management) 3 months ago

And even then, some of the time, we ask for a DU. Buyers pull crap all the time.

Like you, I don't much care for out of area lenders, either. They don't know how we do things, no idea on recording times and don't ask because they don't care, and they often hire out of area appraisers because they can't figure out who is local.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) 3 months ago

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