More Than Sloppy
When I was a kid I loved an overfilled Sloppy Joe. Part of the fun was licking the “stuff” off your hands.
Sloppy pre-qualifications (not to be confused with a true, legitimate pre-approval) are another matter. This blog post has it right, and everyone should pay attention.
High loan-to-value loans, especially 100% financing, are very tough to come by. If you are a buyer and you want to make an offer with no down payment and get seller credit to pay for closing costs, be prepared for the seller’s agent to wait for stronger offers. All things being equal, another offer with a 5% down payment may be accepted.
Sellers are going to want to see professionally written, legitimately and fully pre-approved letters. Obviously, this means that buyers who have taken the time to meet with a loan officer and find out what programs are now available will find that they will be in a much stronger position in having their offer accepted first.
Sloppy seconds can cost you a house.
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