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Real Estate Corner: Remove risk in loan process of home buying
This happens at various stages of the loan application, and sometimes at the very end.
Can a seller or the borrower ever be assured they will get the money to purchase?
Can the risk be considerably eliminated?
Yes, it can.
First of all, the buyer should be carefully screened for eligibility to borrow at the very onset of their house hunt. The buyer agent has the responsibility to ask preliminary questions, and prepare the buyers for what to expect before they meet with a lender’s loan officer.
It is important the buyers receive a pre-approval letter from at least one lending institution. Caution is advised not to ask for multiple letters because multiple credit checks affect the loan eligibility.
By the way, you should ensure your Realtor is asking the buyer’s agent if the buyer is “preapproved.” These preapprovals are a measurement of what price range a buyer can afford.
There is not a lot of the process your Realtor can control. But by keeping track of the process, it can be seen if there is any thing holding up the loan process, and what can be done about it.
A home purchaser should ask when interviewing a potential real estate agent, “What steps do you take to ensure that you bring us a qualified buyer? and how do you follow up the loan process?”
Do not learn the hard way.
Marypat Bilodeau is a member of the Greater Manchester/ Nashua Board of Realtors. This information has been provided by the Greater Manchester/Nashua Board of Realtors in conjunction with the New Hampshire Union Leader’s Advertising Department. Readers with questions about the content, or who wish to pose a question for a column, can contact the realty board at 166 S. River Road, Bedford, N.H. 03110 or email: firstname.lastname@example.org.
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