I am selling a house... in order to ensure buyer actually qualifies for the mortgage, I typically ask that he qualifies with my mortgage lender as well (mortgage lender is a friend of mine and I have asked him to please check in detail all income documents and bank statement before pre-qualifing my buyers)..
Buyer is a first time buyer and is a bit irrational.... does not want to do it.... he will not sign my counteroffer asking him to make this step.
I really do not want to hold up the house for a month or 2 to then find out buyer does not qualify
I thought to stop pushing that he qualifies also with my friend, but to include a clause in the contract that within 15 days from the bringing date he needs to provide a document stating he is conditionally approved by an underwriter.
did anyone ever do something similar? can you share experiences? how do you ensure a buyer is qualified?
Usually before I even start to negotiate with a buyer I make sure they are approved with a lender and then once the contract is executed, within the contract it states that they have X amount of time to get fully approved in order for the deal to keep moving forward and them to not lose their EM.
what is the X amount you useto get fully approved?
Is 35 days reasonable?
Offer some incentive for him to get pre-qualified from your guy, like maybe you offer to pay the appraisal fee if the buyer did that.
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