There are two sides to this… - Posted by Soapymac
Posted by Soapymac on December 17, 1998 at 24:35:58:
and one of them Andrew Smith (Phila) explained quite well in his post.
I would add this. The seller does not want to put his home “under agreement,” and thereby taking it off the market for someone who cannot get the financing (this is a retail situation I’m talking about here.) For all the seller knows, a buyer may NOT qualify for a loan, despite the buyer’s best efforts.
Most RE contracts are written such that if this is the case, all monies are returned to the buyer without penalty, the seller has to put his home back on the market again, and has got zip for the time the home was off the market.
The other side of the equation, I believe, is this. There are certain items in your financial picture that neither the seller nor EITHER OF THE AGENTS need to know about you. The only people who NEED to know those things…are the people loaning you the money. Period.
Solve the problem by getting the commitment letter FROM THE LENDER. That should satisfy the seller and his agent.
If it does not, remember the seller’s name and remember the agent’s name. Then tell both of them this little fact:
“If you do your job well, when someone asks me about you, I will be able to recommend you. If you do NOT do your job well, you can’t pay me enough money TO SHUT ME UP!”
Be prepared to follow through with that statement and see what happens to their attitude.