Real Estate Blog - How many customers with pre-approval letters are actually getting the loan?

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How many customers with pre-approval letters are actually getting the loan?

How many customers with pre-approval letters are actually getting the loan?

I am just curious now. How many of your customers that you have pre-approval letter's for are actually able to get loans?

I am just wondering b/c, I am finding that if people do not have substantial amounts of cash on hand...there is not going to be financing.

How many people have substancial cash? WELL, pretty many...shocking as it may seem, many INTELLIGENT individuals have taken their money out of their stocks (in the past) and now have decided to put it into real estate. Why? WHY? Isn't it a NO BRAINER?

No one will make money in the stock market...It's so close to a crash that I closed my eye's on Friday.

We'll see what happen's on Monday.

Why not put your money in real estate. They deals are there. If you work with a great real estate agent and you can get a great deal...your money will appreciate. YES, IN REAL ESTATE.

If you want more information on how to make more money in this difficult market, call me...Karen Monsour, 954-464-4194, cell.

http://www.KarenMonsour.com, n954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 03/08/2009 10:51 PM

Comments (4)

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Originally posted at: Karen@ www.KarenMonsour.com: How many customers with pre-approval letters are actually getting the loan?

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4 Comments on How many customers with pre-approval letters are actually getting the loan?

MAR

Another example that real estate is local. Buyers here in Michigan have no problem getting mortgages once they are pre-approved (credit checks, income verified, job history verified). FHA is starting to reign as the mortgage of choice and conventional loans are still a nice choice for those who qualify.

For an FHA mortgage a buyer does not need a substantial amount of cash. (3 1/2% down). Conventional mortgages can still be had with the norm that I'm seeing as 10% down.

Perhaps check with the mortgage lenders that you trust and ask what the new FHA limits are for your county and consider working with those buyers also.

APR

I recently had a buyer get an AU approval for an FHA loan despite having several medical collections. We proceeded to look at property but the lender went ahead and submitted the file to underwriting. It turns out the investor they sell their loans to rejected the collections since they were over $5,000. Who knew. I'm thankful for the lender that followed his nose. We were able to find someone else where that was not an issue. I'm finding that good lenders are requiring more info up front before providing a preapproval which is giving me a higher close ratio.

Kris,

It's tough here in Florida. There are issues with credit and there are issues with down payments, it is not easy here. We have 2M people in short sale status or in foreclosure here. No one ever knew that they would need to save 20% or 30% to put down on a home...

Michele,

Absolutely right, lender's are requiring more info than ever and the buyer's are shocked at what they have to provide to the lenders...Amazing, isn't it?

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