TRAP #1: Prequalification Letter
You've heard of home sales falling through because the
buyer couldn't get a loan. Perhaps it's happened to a
friend, or even you. The California contract makes a
well-intended but weak stab at remedying the problem by
requiring that the buyer provide you a "prequalification
letter."
But a "prequal letter" is basically just a "loan rep"
saying in effect, "if everything the buyer told me is true,
& he didn't forget anything, & his credit is OK, & if I know
what I'm doing & didn't forget anything either, the odds are
good the buyer will get a loan."
Way too many assumptions and rabbit's feet involved here.
But here's what makes this even worse...
ALL THE BUYER HAS TO DO IS PROVIDE YOU THIS LETTER.
Once done, you're locked in with that buyer with no way
out, hanging on with white knuckles hoping and praying that
you rubbed enough rabbit's feet and knocked enough wood and
the loan gets approved. You have to take the word of a loan
rep you don't know (& who often don't know what they're
doing!) and have NO other rights to verify that this buyer
is really qualified.
That's TRAP #1. Fortunately there IS a highly effective
way to deal with it. What is it?....
Here's how to find out:
If you're planning to sell your San Diego home or rental
property & you're NOT okay with having that much luck &
guesswork involved (plus the 3 other traps I haven't even
told you about), call me at (858)457-5368.
I'll be happy to give you the solution to that and the
other traps. And while we're talking, you can decide if
you're interested in hiring me to sell your property. You
could say that's my ulterior motive... |
