Weeding Out Buyers with Financial Excuses

By
Real Estate Agent with Alex Lowery Real Estate

Frisco TX Real Estate

Selling a home can quickly become frustrating when buyers claim financial delays. Here is how to eliminate these excuses up front.

If you have ever put your house on the market, you know the frustration potential buyers can cause you. It is fairly shocking how many people will come to an open house or ask for a private viewing, yet have no intention of buying the home. In fact, many of them seem to have no intention of buying ANY home in the near future. They are just out poking around in the business of other people.

A common excuse offered by such people for not making an offer is they have not got their financing worked out yet. Yes, they love the property. In fact, it is perfect. They wouldn’t feel comfortable making an offer, however, until they were sure they could get financing. After you hear this a few times, you will realize these people are just wasting your time. Instead of grinding your teeth, there is a way to stop these people in their tracks.

Allow me to introduce you to a mortgage broker. Unlike representatives working for a particular mortgage lender, a mortgage broker is an independent person who helps buyers find the best loans among a pool of lenders. The process is analogous to a travel agent shopping the best flights for a client, but much more money is on the line.

A mortgage broker is always looking for their next client. They are only compensated when they close a loan, so they are highly motivated to pick up leads. They are so motivated that they will actually come to your property during an open house. A mortgage broker will literally sit their all day and take applications from potential buyers. Heck, the broker will probably bring appetizers and other “marketing” materials.

You can probably see where I am headed with this advice. If you find a lot of buyers are using financing excuses, you should consider asking a mortgage broker to attend any open houses. When the buyer makes the excuse, you can introduce to the broker to them. It’s like throwing blood to a shark. The broker will help legitimate buyers and wind up those who are just wasting your time. The best part of it is they will do it all in a very polite manner.

Everyone dislikes buyers that have no intent of actually buying a home. In exchange for wasting your time, you can cut their excuse off at the knees by having a mortgage broker present. 

Comments (2)

Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

You can fill in "mortgage banker" there too... typically Mortgage bankers and Mortgage brokers are much better at mortgages than banks, since that is all we do as a company we darn well better be good at it!

I always tell my Realtor Partners to let me weed them out for you, before you put them in the car, it takes me much less time to qualify them than it will take you to show them a home!

Jul 22, 2011 07:21 AM
Anthony Gilbert
Issaquah, WA
Real Estate SEO

An awful lot of buyers are just incredibly indecisive and noncommittal because of fear - and usually, it's due to a lack of information. Having a mortgage banker/broker close to you to answer questions can definitely help get the client's wheels turning - one way or another.

Jul 22, 2011 07:51 AM