Franklin Lakes NJ Homes

In the market that we're in right now in most parts of the country, it's more important than ever to make sure that if you are selling your home, that the buyer is going to come to the closing table with funds. It is crucial to make sure your buyers are really pre-qualified. There are still many deals that are falling through at the closing table because the buyers lose their funding at the last minute.

The reason this is happening is because we are still going through a bit of a mortgage crisis. Recently, American Home Mortgage, which was the number one mortgage lender, closed its doors. That is a very scary thing, and it's very real. Even if your buyers are pre-approved for a loan, there is no guarantee that the mortgage company they are going through will still be in business in 30 or 60 days when it comes time to close on your home.

One effective way to work to prevent this from ever happening to you or your loved ones is to require that the buyer be preapproved by a lender of the seller's choice as a contingency plan before accepting the offer. By doing this, if the buyer's lender fails to produce funds on the day of the closing, you can be assured that the buyer still has a way to obtain the funds. Putting a backup plan in place as simple as this could be the right insurance to make sure your deal still goes through should any funding problems arise on the closing date.

Another safeguard you can take is to make sure you are working with trusted professionals who are looking out for your best interests. That could also make the difference when it comes to closing the deal.