This may be something that I should post on the Realtor Newbie site, because now it seems like such common sense, but I guess it won't hurt!
I have always maintained that I don't want to get into "the lending side of things". I don't want to know about all their programs and rates and points because I'm bound to forget something when speaking with clients, and who needs added liability?! They lend money and I sell houses....we shouldn't get in each other's way.
What I realized earlier this week is that my previous thought process is pretty backwards, not to mention lazy! Especially in a slower market, a working knowledge or at least an understaning of basic lending products can make all the difference. I heard a discussion the other day in the office about some programs (like FHA) that have been around forever that are now taking a more primary role in lending because more creativity is coming into play. I have also always been hesitant about FHA. Not because I have anything against FHA, but I've not ever truly understood all the guidelines and paperwork, and it's intimidating.
After eavesdropping for a while, I made a call to a friend of mine who is a lender. We discussed the fundamentals of a couple of different programs and products in terms that I was able to comprehend and relay. That afternoon, instead of sending my usual updated listings of homes to a particular client, I sent an email outlining what I had just learned. It wasn't earth-shattering, but what I found was that it opened a couple more doors for her and gave her more options in looking for a home for her child. Her search criteria has broadened, and she is excited again about house hunting.
At the end of the day, I feel like I have overcome my fear of misquoting rates and confusing requirements. I realized that I don't have to give full details to introduce someone to a program that could help them make one of the biggest investments of their life! I have expanded my "menu of services"!
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