Five financing questions agents should ask before writing an offer
A working checklist. Answering these before the offer goes out is the cheapest way to protect your closing date.
Written for agents, and specifically for the moment before an offer is submitted. Every one of these has cost somebody a closing date in this market.
1. Is this a pre-approval or a pre-qualification?
A pre-qualification is a conversation. A pre-approval means income and assets have been documented and the file has been through automated underwriting. When you are competing, the difference is real — and it is worth a phone call to the lender to confirm which one you are holding.
2. What program, and what does the property need to support it?
FHA and USDA have property condition standards conventional does not. Peeling paint, a missing handrail, an unpermitted addition or a well too close to a septic field can all become repair requirements. Knowing the program tells you what the appraiser will flag.
3. How much room is there between qualified and offered?
If a buyer is approved to $340,000 and offering $335,000, an appraisal gap or a rate move leaves no cushion. Ask the lender where the ceiling actually is before you advise on escalation.
4. When does the rate lock expire?
If the lock is shorter than the contract, someone is paying for an extension. Line them up in the offer and it never comes up.
5. Who do I call on a Saturday?
The answer should be a mobile number belonging to a person who can actually re-issue a letter and re-run a scenario. If the answer is a general inbox, plan around it.
Written by
Travis Nicolaysen
Loan Officer, Fairway Home Mortgage · NMLS #1782820
Questions about how this applies to your file? Call or text 704-728-4548.
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