A basic pre qualification letter from the
lender or its representative
states: (i) Buyer has made full and complete written loan
application; (ii) Lender has
reviewed Buyer's financial statement, bank records, employment
status, tax returns, preliminary credit
report, and other relevant documents and finds no material
problems that could prevent
approval for the new loan or assumption as specified in the
contract; and (iii) Based on the
information provided by Buyer, lender believes the Buyer has
adequate down payment, closing
costs, and residual funds to consummate the purchase.
Most contract also state: In the event Buyer fails to provide
Seller with
this pre qualification letter, Seller may elect to terminate this
contract by giving written notice
to Buyer within ten business days of the deadline set in this
subsection.
040407
| Summit County Real Estate | Breckenridge Colorado |