As a listing agents we must vet the buyer's and lenders, so I put together a short list of questions I would recommend asking the lender when you receive an offer. 1. Have you verified income? About 99 percent of the time, the pre-qual letter you are looking at is based on stated income, and nothing has been confirmed. Most buyers do not know how Fannie/Freddie calculate income, and many end up providing income figures that are higher than the income the loan officer can use for qualification purposes. A client who is pre-qualified using an inflated income figure could easily no longer qualify if usable income decreases. 2. Have you verified funds to close? This one is pretty obvious, but for some reason many lenders do not verify the buyer’s assets prior to sending you a prequal letter. Save everyone a headache, and make sure the lender has verified assets before accepting an offer. 3. Has the loan been underwritten by an actual underwriter, or do you ...
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