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Agents....Are You Setting Proper Pre-Qualification Expectations With Buyers????
Agents, are you setting proper Pre-Qualification expectations with your buyers????  Sadly, many agents do not seem to be doing so.  Before you refer a buyer to a loan officer, please do everyone a favor and set the proper expectations at that time.  That is an excellent time to begin to start the education process with your buyer. 
Please do not lead the buyer to believe that a Pre-Qualification can be done in 5-10 minutes over the phone and they will instantly get their letter. It only makes us look like the bad guy.  A 5-10 minute Pre-Qualification today is pretty pure fiction much like Stephen King.  Well technically, a Loan Officer can take the basic information in a little more than that time if they are not busy with something else.   Unless you are dealing with a loan officer who has no other business, that is generally not going to be the case.  Some may even issue a letter after that phone conversation.  Those are the ones that you need to run from.  Unless you luck out that everything really is OK, you are just wasting everyone's time on a letter that is not worth the paper its printed on.
At the beginning of the process is the most critical time to ... more

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