How high does the price of gas have to go before you insist that your clients get pre-qualed?
You meet with your clients. Show them a gazillion houses over the course of a couple of weeks. Finally, they see something that they love, something that they must have. They make an offer. You negotiate. You have a deal...
Only to find out that your clients cannot qualify for the amount they thought they could or for any amount at all.
How much did this cost you?
Lending guidelines are relatively fluid. it is silly to think that your buyers are approvable without some leg work by your lender.
Expenses are a part of every business. Some are easily controlled, some are not. Controlling the ones you can is easiest way to improve your bottom line.
As gas prices rise with little end in sight not requiring a prospective buyer to sit with a mortgage professional is like throwing money to the wind.
Proving income and proving assets (cash to close) is something that they are going to have to do anyway. We all know that in today’s lending arena credit score only gets you in the door. Why not find out right up front if your buyers are serious, capable, and what price range you should be showing.
Your wallet will thank you.