In addition, to advertising and marketing your property features to the world…… Your listing agent’s job is to work with cooperating agents (selling agent) to secure a purchase offer contract that will net the seller the highest return on their investment ……and one that will settle without delay. This means that from the onset your listing agent must do their due diligence in facilitating the purchase offer contract by ensuring receipt of a buyer’s pre-approval letter from the prospective lender upon receipt of the contract package.
The listing agent should contact the buyer’s loan officer to determine if the buyer is qualified to purchase your home (before you sign the purchase offer contract), and if the buyer is solid financially to secure a final loan approval according to the terms in the contract. It’s the listing agent’s job to confirm receipt of a pre-approval letter from the buyer’s lender and any additional supporting documentation to verify the buyers’ ability to secure a loan on the property.
Experienced listing agents should also have knowledge of the best mortgage companies and mortgage loan originators. For added security, your listing agent can research and verify that the buyer’s loan officer is a licensed loan originator certified by the National Mortgage Licensing System. The listing agent can ask the loan officer whether they have missed any settlements recently, and if so, the reason why?
As the contract timeline moves forward, your listing agent should follow up with the buyer’s loan officer to determine the status on the buyer’s loan approval. The lender should provide the final approval approximately 20 – 30 days prior to the settlement date. During this period, the lender should request periodic credit checks on the buyer’s credit worthiness based on the buyer’s credit score, personal assets and finances. The listing agent should also find out how recently the last credit report was requested, and should confirm through the loan officer that a credit check was requested on all of the buyers named in the purchase contract.
A seasoned loan officer will be able to reveal any major negative credit events in the past 12, 24 or 36 months –plus any disputed items. It’s your listing agent job to inquire about these outstanding issues and should address these issues regarding the buyer’s credit worthiness. Your listing agent should also ask the loan officer for a clear explanation on the status of the buyer’s loan as soon as any issues are revealed in the loan approval process. The listing agent can also ask the loan officer if the buyer’s tax returns were provided according to the underwriter’s guidelines. Finally, your listing agent’s job is to confirm with the lender whether the buyer’s has sufficient funds to close and whether these funds have been verified.