Surely the seller receives the full payment from the buyer’s lender either way? I’m confused on why it is sure to get you a much higher chance of getting the house.
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#ELI5
You have a bicycle. You want to sell it. Your price is $200.
Jim wants to buy your bicycle. But Jim needs a loan before he can buy it.
Applying for the loan takes time. He has to wait for approval.
Applying for a loan requires Jim to submit lots of paperwork. There’s a lot of back-and-forth between Jim and the lender.
Jim has to submit to a credit check for the loan. If he’s married, his wife has to undergo a credit check too.
At any point in the process, Jim’s loan could fall through, even after acceptance.
Ricky also wants to buy your bicycle. He’s got $200 cash in his hand.
**Who do you sell the bicycle to?**
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