In today’s ever-changing mortgage industry climate, it is more important than ever to be sure your buyer clients have been recently pre-approved for their intended home purchase.
Some recent buyer clients had not yet been pre-approved for a home loan, yet I decided to take a gamble, a risk, and a leap of good faith that my new buyer clients were credit-worthy and would not have any problems getting approved for a home loan. We went out three separate times looking at homes priced from the high $400k’s up to $600k. We looked a lot of nice homes, at significant price points, we talked, we built rapport, I performed as a professional, I made sacrifices within my schedule to accommodate their needs, etc. And what did I get for all of this effort? It turns out that their credit scores are so low that it will be a significant challenge just to get them into any home right now, let alone a home at the price points they’re considering. The mortgage broker is telling them he’s working on their situation but they’ll need at least a 20% down payment and they’ll also need to bring in some other family members on the loan who will be living in the house, with some higher credit scores.
What can I say? I took a gamble with my most valuable resource, my time, and it is not looking good at this point for these particular buyers.
How often do you find yourself in this same situation? Are you sticking to your policy of obtaining a pre-approval from a lender before you go out showing homes?
I’d love to hear from my fellow Realtors or mortgage lenders on this topic, especially considering today’s ever-changing mortgage lending industry!
Comments (1)Subscribe to CommentsComment