pre approval: Thanks for Your Pre Approval. I Made One Call and it is Worthless
- 11/09/11 01:19 AM
In the current economic climate where deals die so often that we sometimes have to "sell" a listing twice or three times just to get to the closing table, more due diligence and evaluation of buyer qualifications is a serious mandate. Twice in the past month I have seen instances where a pre approval was not worth the paper it was printed on, and that punctuates the need to evaluate buyers with more scrutiny. They don't always like that; but they need to understand the times we live in. The Dubious Down Payment. We are in the midst of a White … (29 comments)
pre approval: Client Confidentiality is Not All Reaching
- 02/22/11 01:27 PM
One of the joys of being a broker-owner is helping my newer agents develop their client base. New agents that get a listing or a buyer in their first few weeks typically have a good outlook for success in my experience, even if that listing doesn't sell or that buyer never closes. One of my agents has a buyer who was referred to him and he's been asking me how to tackle some of the challenges they pose. A few details: They have been looking for a home for over a year. They want to spend close to $1 million. Their … (124 comments)
pre approval: The Incredible Importance of a Pre Approval
- 05/06/09 12:45 AM
Get a pre -approval before you make an offer on a new home. Here's why. 85% of my business is on the listing side representing sellers. There is no setback in real estate as devastating as the "deal dying." Typically, when a deal has died in my experience, it has been because the buyer was unable to perform. In many cases, the buyer meant well and was sincere, but either they, their agent, or both were unaware of conditions in their income, credit or cash position that prevented them from being able to close. There is nothing that can be done … (0 comments)
pre approval: Just Give Me The Damn Pre-Approval
- 01/28/09 03:43 AM
I have a listing priced at 219,000, and we received an offer of $185,000. Not uncommon in this market. The pre-approval included was also for $185,000. Now, I know that the buyer probably qualifies for more, but they don't want to tip their hand. Some of you may not agree with me, but this strategy can backfire. I'll say that in stronger terms: It is a DUMB strategy. What that $185,000 pre approval said to my seller was that the buyer is low balling him because they only qualify for $185,000 (a $35,000 price reduction, mind you) by an eyelash. They do … (3 comments)
Phil Faranda is associate broker and manager for Howard Hanna Rand Realty in Yorktown and Carmel, NY. He joined the brand after being broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY for 18 years. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 80 agents & closed 1000+ transactions valued at over $1 billion. He was 2014 President of the HGMLS and a 2017 Inman Influencer. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
Testimonials
113201
There is no doubt in my mind that the house would still be on the market if it wasn't for Phil's proactive efforts.
5.0/5.0
by drmoi
109285
Phil was very responsive to our requests; he was very professional and respectful; he always gave us his honest opinion on the questions we asked. ... more
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by junglegirlnyc
106920
Phil is a very honorable and respectful realtor. He has gone way above and beyond the call of duty for me not only once, but twice. He helped sell ... more
In the current economic climate where deals die so often that we sometimes have to "sell" a listing twice or three times just to get to the closing table, more due diligence and evaluation of buyer qualifications is a serious mandate. Twice in the past month I have seen instances where a pre approval was not worth the paper it was printed on, and that punctuates the need to evaluate buyers with more scrutiny. They don't always like that; but they need to understand the times we live in. 
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