When one comes in, call the buyer’s agent to discover more about the buyer. Ask whether he has the funds to close, whether he’s selected a lending institution, and where he is in regards to securing a loan (if he’s just starting and hasn’t even met with a lender yet or if he has loan approval and is just working to find the right house).
Your job is to explain this information to the seller so he clearly understands the risks of each buyer that makes an offer on a home. The risk can be the mitigating factor between two offers. A buyer who is pre-approved and has a loan waiting may have a lower offer and still win the home due to the fact that the buyer already has pre-approval (instead of just having talked with a lender).
