One of my listings is a short sale in a lovely complex in Santa Clara. It was only on the market about a week and I got 3 offers on it. It was priced appropriately, looked good, and I had an open house on Sat and Sun. with plenty of traffic. My sellers signed one of the offers which included a good down-payment, a copy of the earnest money deposit, a pre-approval letter. All of this was sent to the lender by fax and I have been doing my weekly follow up every week. Nothing unusual here. After 3 weeks I was still waiting to hear from a negotiator.
So this morning when I called for my weekly update the service rep read me the notes on the file from the processor. She was asking for some updates, including an updated pre-approval letter from the buyer. I looked at the date on the pre-approval letter and it was only a month old. this seemed like a new enough pre-approval to me. then I looked at the bottom of the letter which said the pre-approval was only good for 30 days, and guess what, the 30 days is up today.
One thing I love about short sales is that every day I learn something new. I now know to check the expiration dates on the pre-approval letters. They, like the financial documents of the seller can expire and the lender needs to know that the buyer still qualifies.
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales
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