Richard Woodward  NMLS#217454, Service Beyond Expectations! Your Texas Lender (Service First Mortgage, NMLS #166487)

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Rainmaker
689,547
Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Could your self promotion be any larger?

Not good!

Oct 10, 2017 06:41 AM
Ambassador
2,227,231
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Even when they do come to me pre-qualified, I request that they speak to one of my preferred lenders and obtain a full pre-approval. Their chances of winning bidding wars are better with a pre-approval in-hand and one from one of my preferred lenders too!

Oct 10, 2017 05:58 AM
Rainmaker
2,448,110
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Many buyer prospects who are sent say they are pre qualified, but turns out they are not. I like to use a local and trusted lender and tell the buyers why. If they refuse, they are not ready or able to buy is what i find

Oct 10, 2017 05:18 AM
Rainmaker
3,927,754
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Nice self-promotion.

Oct 10, 2017 05:52 AM
Rainmaker
1,294,463
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

What's the mini-sales pitch for? 

I tell the buyers that it benefits them because sellers take them more seriously. I also tell them that the lender wants to do a good job for me & takes a pledge (so to speak) to do that. It's also a personality thing - they might get along better with certain Lo's.

Oct 10, 2017 05:04 AM
Rainmaker
2,265,960
Richard Weeks
Dallas, TX
REALTOR®, Broker

Some are, and some are not.  I expalin the pit falls of using a lender I have no working experience with.

Oct 10, 2017 04:54 AM
Rainmaker
2,434,379
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

No one gets my time until they are pre-approved.  Pre-qualified means nothing to me.  If they want to work with their own lender they certainly can do that.  However, in order to work with me, they agree to be vetted by my lender. I need to know they are, in fact, qualified. 

Oct 10, 2017 07:54 AM
Rainmaker
539,725
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Some do and some don't. In any event, I do have people I can refer them to, to get pre-approved

Oct 10, 2017 05:28 AM
Rainmaker
493,715
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

I don't "encourage" them to do anything. I provide them with a list of vendors and let them choose who to use.

Oct 10, 2017 05:25 AM
Rainmaker
283,984
Jay McHugh
SendOutCards-Appreciation Marketing Expert - Boston, MA
YOUR SendOutCard Mentor

50/50 when they need a loan I strongly suggest the best loan officer for their needs.....each buyer has different needs so I explain the pros of that particular lender etc...

Oct 10, 2017 05:02 AM
Rainmaker
471,377
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Estimated 30% ready to go; 70% need to get it done.  I always offer a few suggestions if they don't already have an established relationship with a credible lender. 

Oct 10, 2017 04:52 AM
Rainmaker
1,066,099
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I'd say about half are pre-approved and half are not. And yes, I have several mortgage professionals I recommend. I recommend them because they have done great work in the past, not because of their online reviews.

Oct 10, 2017 04:21 AM
Ambassador
3,099,033
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

So far they have all been prequalified.

Oct 11, 2017 11:29 AM
Rainmaker
742,768
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

50% of buyers are cash. Usually a second home. They have funds available.

My company has a mortgage lender right in the office that is part of our company. I also have at least 2 others I have personal relationships with. I don't worry about referrals because I know my providers well. I will not steer clients to one particular provider but ask that a client talk to all of them. 

Oct 10, 2017 12:56 PM
Ambassador
1,849,034
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     My recent buyers have come to me pre-approved.  If the letter is not from a local lender, or a national name (Chase, Wells Fargo, etc.) then I will ask them to talk with a Tallahassee lender.

Oct 10, 2017 09:15 AM
Rainmaker
968,799
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Some do and some don't.  If they don't I give them a couple lenders that they can choose from.

Oct 10, 2017 09:14 AM
Rainmaker
359,324
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I usually ask if the have completed their financing with a lender and if they say no, I give them the number for my lender.  If they say yes, I give them the number for my lender.

Oct 10, 2017 09:12 AM
Rainmaker
1,280,282
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Richard Woodward NMLS#217454 In the end it is the buyers decision who they want to work with in obtaining a mortgage.

Oct 10, 2017 07:04 AM
Rainmaker
719,734
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

25% Pre-approved, the rest I refer to Jason E. Gordon for pre-approval; non are allowed to be only "pre-qual".

As Gabe Sanders mentioned, the commercial is inappropriate in the Q&A; we know what you do without the commercial tagged on. It actually woks against you here but for you in a blog.

Oct 10, 2017 06:03 AM
Rainmaker
4,269,363
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Most are not pre-approved and need to be referred to a trusted local mortgage loan officer.

Oct 10, 2017 05:44 AM
Rainmaker
599,575
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Would a 5 Star rating persuade me to recommend a lender/broker.

HE** NO!

What is the basis for my recommendations?

1. Invested in the process. I mean they have a financial investment at the start. Then lenders/brokers are more motivated to find solution otherwise they kiss their meager investment good bye and I kiss goodbye a lifelong source of referral. Understanding this reality is the first revelation of the mortgage lender/broker.

2. They have resources to help me grow my business.

All the other stuff you read so much about, such as communications, are not a special benefit but a requirement otherwise you don't get to play. 

3. How do I persuade buyers to use the lender(s) I recommend? By identifying for them the measures sellers take to protect themselves from the bad decisions buyers make regarding financing. Every screw up places a great cost on the SELLER.  Responsible listing agents are going to protect the homeowner from rogue, irresponsible lender/brokers. Yet Chase and Wells are still in business. Someone is not doing their job.

Oct 10, 2017 05:22 AM
Rainmaker
611,110
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It varies. Buyers can choose their lender, and if it's one that has performed well enough before, I don't encourage them to change.

Oct 10, 2017 04:34 AM
Rainmaker
626,624
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

If the are not pre-qualified I get them pre-approved ASAP. I got for approval not just qualification. I offer the a list of local mortgage brokers past clients have recommended who have been highly successful in getting escrows closed on time.

Oct 11, 2017 02:34 AM
Rainmaker
3,330,543
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

3 out of 4 are ready to go

Oct 10, 2017 08:31 PM
Ambassador
3,364,075
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

The majority are not prequalified when they first contact me. I ask if they have a preference of lenders and then we go from there.

Oct 10, 2017 07:43 PM
Rainmaker
2,365,999
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I give them 3 choices of lenders.

 

Oct 10, 2017 05:35 PM
Rainmaker
1,395,712
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

We nearly always need to get them pre-approved

Oct 10, 2017 02:25 PM
Rainmaker
2,101,730
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

I do not prequalify. If I have a prospective buyer who has not been pre-approved, I provide them with a list of good lenders who can do so. I have more than one preferred lender so I never steer anybody to just one.

Oct 10, 2017 02:02 PM
Rainmaker
1,213,619
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Both, and if they are already pre-approved ( not pre-q) I call their lender to introduce myself interview him/her. 

Oct 10, 2017 01:59 PM
Ambassador
2,609,000
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Every buyer is different.

Oct 10, 2017 12:26 PM
Ambassador
764,610
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

 I honestly don't believe that Realtors are reluctant to suggest a preferred lender if they understand the value of the preapproval, the pitfalls of not having a preapproval, and the piss poor "preapprovals" that most lenders do - most wouldn't even qualify as a prequal in my book.

Educating your Realtor partners on how the preapproval process works and WHY it's important to have it done a certain way gives them the confidence to pass that info along to their clients, and also inform them WHY they have a preferred lender.  

It's only difficult when the client doesn't know it is in their best interest.

Oct 10, 2017 11:33 AM
Rainmaker
3,946,445
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

they can use whatever lender they wish, but they MUST use someone we trust...we direct them to a lender.... it's their decision to use them or not....and it's a pre-approval we want...not a prequal... 

Oct 10, 2017 08:43 AM
Ambassador
1,233,434
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

If you are respected as a resource then those who need a lender will trust you.

Oct 10, 2017 08:13 AM
Rainmaker
502,571
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I'm going to overlook the inappropriate self-promotion and answer the question. I advise prospects that as a broker, if there are three financed offers sitting on my desk that are otherwise equal, the one with the known, competent lender will be given the greatest amount of weight. Do you want that extra leverage or not?
Stars are irrelevant.

Oct 10, 2017 06:42 AM
Rainmaker
785,000
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Listing agents suggest the criterion for best mortgage acceptance. Those realtors require going through their favorite loan agent for screening have MOST COMPLAINTS on internet reviews.  

My criteria for working with a name bank and local mortgage brokers that have a reputation with no appraisal contingency.  Those out of the state, internet based lenders are not honored. 

Oct 10, 2017 06:25 AM
Rainmaker
3,225,104
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I won't put a buyer in my car without pre-approval.   Sometimes they come to me with one, and if not, I give them three recommendations.

Oct 12, 2017 06:16 AM
Rainmaker
457,365
Mike & Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Richard,  If your question is considered self promotion, I see nothing wrong with it.  It is a valid question.  BESIDES...many here "like" their own questions so they get more points...ugh!

If my buyers have a PQ from somewhere I always encourage them to get a second opinion (with no obligation)...maybe they will get  better terms.

It is rare that someone does not want to try that...

Eve

Oct 10, 2017 07:40 AM