Benefit Details Page
September 27, 2016
“Finally, I can submit my offer now and not have to wait for my lender to update my pre-approval letter!”
This is great news for real estate agents and sums up a significant benefit of LenderLetter. There is nothing more frustrating then not being able to get hold of your lender when suddenly your buyer wants to modify their offering price or even change properties. This is not the just the exception anymore, but the rule. It typically takes more than one offer or property to secure a home for your buyer. One never knows whether there might be one offer or multiple offers on any given property at any given time or up until the final minutes of an offer deadline.
After a busy weekend of open houses, most lenders are busy returning calls to agents who are requesting updated, modified or new pre-approval letters. So, getting that customized, updated pre-approval letter in a timely manner… well, don’t hold your breath. Needless to say, this is frustrating for all parties concerned and shouldn’t be the norm that buyers and their agents have had to endure. Not to mention that presenting an offer with the incorrect price or property address is unprofessional and may cast doubt on the credibility of the offer and buyer by the listing agent or seller.
The unfortunate delay of providing an updated and accurate pre-approval letter could ultimately impede the acceptance of the buyer’s offer. The uniqueness and advantage of LenderLetter is that the buyer or their real estate agent can edit the pre-approval letter based on the lender’s pre-authorized restrictions. Changes such as date and property address are important to be able to update up to the last minute. The most important and significant change is price. This is where LenderLetter shines. It streamlines this process so that the buyer or real estate agent can instantly make a last minute change in price, date or address to a pre-approval letter anytime, day or night. This is especially important in light of a pending deadline to submit offers on a property for sale.
The benefit to the lender is that when a change or update is made, they are automatically notified of the specific changes made to the pre-approval letter via LenderLetter. This way the lender is kept abreast and informed at all times.
A properly updated and accurate pre-approval letter will leave a lasting impression with the seller. For instance, if a pre-approval letter and purchase offer have matching purchase price, property address and buyer/agent information, then the seller’s perception will be that the real estate agent and lender representing the buyer have done their homework and left no detail to chance. The bottom line is that LenderLetter offers a superior advantage that could help lead to an offer acceptance. That’s good news for the buyer, agent and lender.
LenderLetter endorses the strategic alliance between the lender and agent. This is manifested by including the real estate agent’s name and company in the pre-approval letter in the cc section.