Bad Credit or No Credit on Buyers Referred to Me by my Realtor Partners!
It seems lately or at least the last 5 or so referrals from my Realtor Partners turn out to either have a very low credit score or none at all. This by no means says that the buyer cannot buy and that we should just disregard their attempt at purchasing a home. This means that when the client is put with the right loan officer and of course the client having great motivation to change their circumstances they can eventually buy. When I say put with the right loan officer I mean a loan officer that will give them guidance as to what the client needs to do to correct or improve their current credit report. You see loan officers have a great deal of knowledge as to what is needed to qualify for a loan. Most seasoned loan officers can look at a credit report and can tell you in a matter of minutes what needs to be done. The right loan officer will spell out what is wrong on the credit report and give the client a game plan on what to do next. The right loan officer will also set up reminder to check in with the client on a timely basis to check to see that the game plan is being executed.
Noting is sweeter than being able to call the Realtor back after a month or two and tell them that the buyer is now pre approved to purchase. You see I believe that if the client is motivated then everyone can purchase. Some just take more work than others. We are the professionals and our clients need our expert advice to get them on the road to home ownership.
I will be putting out a several blogs explaining what fico scores are and how they arrive at the figure that they are:
If you have a client with a challenging credit report and you feel that you could use a 2nd opinion then call me at 909-952-2882. I would love to help you and your client get on track to purchase their new home.
Comments(6)