MLS4owners has partnered with one of the Northwest's largest mortgage banks, Cobalt Mortgage, to consult with you and ensure you have the answers to all of your mortgage questions. With Cobalt, we have the best of both worlds; the power of a mortgage bank and the flexibility of a mortgage broker.
One of the most important elements in selling your home is the buyer's ability to obtain financing. Most sellers have a difficult time figuring out if a prospective buyer has the ability to purchase your home and if the pre-approval letter is legitimately backed up by the banking institution or if it just information they viewed online.
Understanding Pre-Approval Letters
Most pre-approval letters are written by loan officers and have not been sent to underwriting yet. So, the quality of the letter is in direct proportion to the quality of the loan officer and the thoroughness they have used to review all the documents necessary to make an informed and accurate decision. Some companies automatically send out a pre-approval letter based on information one has entered on their website. Other loan officers have only reviewed current paystubs and have not thoroughly checked any of the other items necessary to approve the loan, but still create a pre-approval letter. We believe in the thoroughness of qualifying your borrower so all parties have a realistic idea of what is possible and what makes sense.
Qualifying Your Buyer
In today's market, you have to cover all your bases when approving a loan. At Cobalt, we go the extra mile to review the income and assets looking for common mistakes most lenders make on their pre-approval. We analyze all the documents an underwriter will consider when reviewing the paperwork, such as tax returns, W2's , and current paystubs. We review available assets to make sure they can be properly verified and liquidated from investment accounts. For more complex tax situations, we have a department which specializes in reviewing tax returns to ensure we can qualify your buyer at the right income level.
Understanding Financing Addendums
Most purchase and sale agreements are presented with financing addendums. We can help you identify all the required items and what is important on each document.
Preparing for the Appraisal Appointment
Before the appraiser arrives at your home, make sure you have your home looking its best. First impressions are important and the way your home is presented to the appraiser can have an impact on their feeling towards the value of your home when all things are considered. Make sure you have completed any minor repairs which may be discovered by the appraiser and will require fixing before your home can be sold. If you have done any recent upgrades, be sure to discuss with the appraiser what you have done and where you believe it has added value. Finally, the appraiser will need to have a copy made of the purchase and sale agreement to complete their work.
The culmination of all your work ends at the escrow office where they will aggregate all the final paperwork from the lender and prepare a HUD settlement statement. The statement will show all your costs for selling your home and let you know how much you will receive after the sale is final. Some people like to know the figures in advance and you can work with an escrow agent to get a ball park on the costs so you know how much you will get in the end.
You can reach Teresa Nye of MLS4owners Mortgage supported by Cobalt Mortgage at MLS4owners@CobaltMortgage.com or 253-380-4079