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Can a Realtor seller or bank refuse to accept a purchase offer when the preferred lender cannot pre-approve the loan if the buyer has their own lender's pre-approval?
Wiki User
∙ 12y ago
Yes the seller can refuse the purchase offer, if the prefered lender can not approve the buyer. The reason for this is a pre-approval letter means nothing, most all have conditions that must be met. such as proof of income, assets, cash to close, survey, inspections, appraisals, title, tax returns, ect. most pre-approval letters are given with out factual reports, in other words they just ask you to answer some questions. example: such as income. at the time of a pre-approval most lenders run credit and ask you your income. and you may say 50,000 per year. to actually get a loan comitment you would need to produce tax returns and pay check stubs {unless a stated income loan} and when you do your income may really be 46,000 per year now its factual. and that 4000. per year less, may not seam like much but depending on the price of the home payments, taxes and insurance, that 4000. discrepency could make you not qualify. remember a loan comitment and a pre-approval are to diffrent things. A realtor and a bank have no say so unless they are the seller. Also remember a seller may refuse any offers for any reason because the property belongs to them. Even If the property is listed with a Realtor, and a full price no contingentcy offer is made, and the seller refuses to accept, the only thing that would happen is the seller may be responsible to pay the real estate commison. that's it.
Good luck.
Wiki User
∙ 12y ago
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Where can one get a home loan preapproval?
Realtor online is a website devoted to those wishing to find and purchase properties. This website has information on finding and applying for pre-approved loans for home buyers.
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One would purchase a home for sale by owner instead of through a realtor possibly because of the absence of a commission that would be needed to pay the realtor.
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Yes one needs a realtor to purchase a Milwaukee condo. The same legal processes apply to buying other property and one can find them for purchase on 'Trulia'.
What percentage of the purchase price does the realtor get?
3 to 6 percent
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A local realtor can answer your question.
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Generally, no. The realtor must honor the terms of the first contract. A legally binding contract is enforceable in court.
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A local realtor or real estate broker can help you.
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I would check with a local tourism office in the country you are considering a land purchase. They are normally very helpful at putting you in touch with a Realtor who specializes in such transactions. A Realtor with international experience will be a huge help for this transaction.
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One can obtain lots of information regarding realtor leads from the 'RealtorLead' website. There are a variety of packages available for purchase with a variety of different prices.
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