A competitive offer, thoughtfully prepared
Years ago, I represented buyers purchasing a single-family home in an extremely competitive market. They were financing the purchase with a relatively low down payment, and we were competing against 16 other offers.
Ours was the highest-priced offer. The listing agent also knew me and trusted that I had prepared my clients for the decisions they were making. The seller accepted our offer, and the transaction moved forward. Two appraisals came back without a problem.
An unexpected setback
Just a few days before the scheduled closing, the lender announced that it would not make the loan. I no longer remember the technical underwriting issue, but the consequence was clear: my clients could lose the house. The seller had received plenty of other offers.
I called several lenders I trusted, explained what had happened, and asked whether they could solve the problem. I needed someone who understood the issue and was confident they could get these buyers approved.
Finding a path to closing
Within one business day, my buyers had a new preapproval. We returned to the listing agent with the new lender’s letter and asked for a 30-day extension. From a financing standpoint, we essentially needed to start again.
The seller could have declined. Instead, clear communication and negotiation helped us secure the additional time. The new lender performed, the transaction closed, and my clients bought the home they had worked so hard to get.
What to take away
A new lender. An agreed extension. A completed purchase.
Preparation matters before an offer, and advocacy matters after it. A preapproval is not a guarantee of funding; the response to an unexpected problem can be just as important as the original offer.
What to understand before making an offer →Edited from Tim’s account for clarity and client privacy. Transaction dates and identifying details are omitted. This is a past client experience, not a guarantee of similar results or advice about a particular contract.