The Real Estate Encyclopedia
What Happens If The Buyer’s Loan Is Not Approved?
Category - Home Selling Questions - Agent, Offer & Commissions FAQ's

If the buyer’s loan is not approved by the lender, the purchase contract is terminated and the home is placed back on the market, should it have been removed from the market prior to closing.  This is the reason why agents prefer to keep the sign up and the home listed until the closing takes place.  To avoid this problem, the seller should require a pre-qualification letter from a reputable lender to accompany the offer. 

 
Category(s)
Home Selling Questions - Agent, Offer & Commissions FAQ's
Home Selling Questions - General Home Selling FAQ's
Home Buying Questions - General Home Buying FAQ's
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