What Can Your Client Really Afford?

By
Real Estate Agent

  

I love meeting new people! Especially when they want to buy a home from me.  It's hard when you meet with someone and they are eager to get out and start looking at homes only to have me slow them down to make sure we have everything in order. 

                                                         

 

 Probably the most important thing I can do with and for my client is ask 'what can you afford monthly' ? This is WAY different then what the mortgage broker told them they can afford to purchase.  Most people speak to a mortgage broker who provides them with a price range to purchase in.  While this may be accurate, I find in most cases, the buyer has never heard how that number will translate on a monthly basis.  Slow them down, just a bit, enough to let them hear the monthly payment.  How does this compare to their current housing expense? If you do, everyone will save time and you will only show homes in the right range for that client. 

 

By: Megan O' Connell Albright November 5, 2010.

                                                                                                                                                                           

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Location:
Connecticut Fairfield County Stratford
Groups:
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Connecticut Professionals
CT Shoreline
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Tags:
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real estate
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mortgage
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Rainmaker
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Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Megan, As a Mortgage Guy this is a question I have been asking for more than 20 years!  It doesnt really matter what a client qualifies for.. so I ask "what is a comfortable payment"  Most people hit that nail on the head and if you do the calculations - it matches the ratios...

If more of us did that in the early 2000's we would have less foreclosures now!

Nov 05, 2010 09:02 AM #1
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Rainer
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The Kasey Group

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