“Am I Asking All the Right Questions?”
A few weeks ago we did an open house and this couple came to see the property we were offering. I took these folks through the property and they mentioned they were working on their credit and would soon be able to purchase.
As we walked through the home I continue to demonstrate the property and ask questions at the same time. The right questions save a lot of time.
1) You indicate that you are working on your credit, what are the issues? We had a BK 5 years ago.
2) What is still on the credit report that dates back to the filing of the BK? From what we see nothing.
3) Have you reestablished any new credit? We have two car loans and a credit card.
4) Do you have any idea what your credit scores are? No, the report we get doesn’t give us that information.
5) Why do you think you don’t currently qualify for a mortgage? Our friends said we have to wait 7 years.
6) If I could show you that you qualify for a mortgage now, who you have to wait? Heck no.
7) What do you have available for a down payment? Up to $10,000.
8) This isn’t a home that you like, is it? No
9) Do you want me to qualify you for a mortgage? Are you kidding, absolutely!
10) Do you need a referral for a Realtor? Yes
11) Do you need a referral for a home inspector?
I handled a preapproval for these folks, both has over 700 credit scores. They qualified for a $180,000 mortgage, so I did the preapproval for a conventional mortgage with 5% down.
Last week they put a deposit on a home, application completed, home inspection will happen in a few days and in a month, they will be homeowners. How great is that!
image courtesy of renjith krishnan/freedigitalphotos.net
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