| Thirty percent of legitimate buyers have not talked with a lender. What if an nonprequalified buyer at an open house
says they want to buy your home?
Those of you who work in sales know the
importance of quickly reacting to a yes.
What other agents do is refer the buyer
to their favorite lender. I do this too. Two or three days later I know a safe price range
and if the buyer's credit history is good enough to obtain a mortgage. But I do more... |
| Is buyer's credit good
enough? |
| I can run a credit report
from my mobile office. Because I have a direct access to Equifax, I can immediately
produce credit history and safely ask a seller to take a house off the market when the
occasion presents itself. Lenders
rarely have access to credit information on weekends and evenings. Sometimes I fax my
Equifax report to a lender, say at 8 PM on a Sunday night. Once he/she has discussed
income with the buyer, I'll receive a fax back pre-qualification letter.
Note: All a buyer needs is a minor
irregularity and I won't write an offer without lender confirmation of buyers financing. A
minor irregularity is say, the buyer wants to push to the very top of his qualifying price
range. |
|
The pre-approved buyer has completed their loan process
waiting for the house to be selected. The buyer has spent about $100 to receive a
pre-approval letter. No worries
here. Other than catastrophe type occurrences to the buyer or buyer's family
Most buyers producing a pre-qualification
letter have had a sit down meeting with a lender. The lender has seen a three bureau
credit report and the buyer may have produced pay stubs that authenticate income.
This buyer may or may not have spent any
money at this point. The pre-qualified buyer needs to be evaluated. |
