It is suprising how often deals that fall apart began to crumble in the area of financing. Home buyers often don't know where they stand in their ability to make a purchase based on their finances. Even when they do get pre-approved their lenders have often not done enough homework to make sure a deal will be solid.
A recent article was written stating, "Sellers should think twice before accepting an offer from buyers who haven't been preapproved. It's tempting to accept any offer if your home has been on the market for some time unsold. But, think of the time lost if your home is taken off the market for an underqualified buyer."
If you are selling your home make sure your real estate agent is astute at communicating to the buyer's side agent and lender that an offer will only be accepted if enough confidence can be instilled that the home will close.
