It's a Loan Officer, Not a Serial Killer!

Reblogger Yolanda Hoversten
Real Estate Agent with Berkshire Hathaway HomeServices Elite Properties

No matter how many years you've been selling/listing real estate, everyone remembers how it felt to be a rookie. I know I do. There was a time that I would drive buyers around for a couple of days here in St. Clair County, Illinois without asking if they had spoken with lenders yet. 

Manage the expectations by having buyers, especially first time home buyers, speak to lenders first, or immediately after the first showing.

 

Original content by Eric Michael

It's a Loan Officer, Not a Serial Killer!

Scenario #1. You call a real estate agent because you saw a house online and would like more info. Agent describes the house and you get excited, it sounds exactly like what you're looking for. You say, "I gotta see this house! When can we go?" Agent's response, "Have you been in contact with a Loan Officer?"

Scenario #2. You and your spouse have been driving around the city, looking for "for sale" signs in front of houses that you're interested in. This is one of the areas you've always wished you could buy your first house in. House looks great. There's even some young kids playing basketball next door. They seem to be right about the same ages as your kids. Your wife dials the number on the sign. "Hi, this is Eric. How can I help you?" "Um, hi. We were wondering if you could tell us more about the house at 123 Perfect Lane?" After hearing all about the house, you've just gotta see the inside! When you ask, the response is "Do you have a pre-qualification letter from a lender yet?"

Scenario #3. You just got a raise at your job. The lease is just about up on your apartment, and a few of your friends have purchased homes recently. It's your turn. You sign up for lists of homes from a dozen real estate sites. They're all the same lists, but whatever. You thought there might be something special out there and you didn't want to miss it. You find a few that you want to look at. That's when you call your friend, who's been in the business for a while. You tell him that it'll be cool to hang out and look at some homes, maybe get a few beers afterward. Friend agrees and says, "Before we hook up, have you talk to a lender yet? If not, I have a few that I've worked with in the past that I could recommend, because we need to make sure you get pre-approved before we start looking at homes."

See the pattern here?

There's a reason that we want you to talk to a Loan Officer before we go out to look at homes. A few reasons, actually.

  • You need to take a look at your credit history. Lenders have minimum credit scores that need to be met before lending money for a house.
  • You might think that you can afford a certain amount, only to learn you have to look at homes that are a lot lower than you thought. Conversely, maybe you can qualify for more than you thought, and your dream house just got a lot nicer. Looking at homes that you could never qualify for is depressing. Trust me.
  • We run a business. We don't get paid unless you purchase a house. If you can't purchase, we can't waste our time, money or resources. It doesn't make business sense.

Debt to income ratios, time on your job and amount needed are a few more things that they Loan Officer will have to figure out before determining how much, and IF you can qualify for a mortgage loan.

Sometimes it's scary to find out what your credit is, or what you can truly afford. Sometimes it's even better to continue renting for a while to save up more money for that down payment or to pay off a few credit cards. The Loan Officer will help determine the best strategy for you.

Ultimately, a trustworthy Loan Officer is an integral part in the house/condo buying process. They can be an ally. As long as you remember, It's a Loan Officer, Not a Serial Killer!


Eric Michael, Real Estate Professional
Remerica Integrity, Realtors
41000 W. 7 Mile #105
Northville, MI 48167

Cell: 734.564.1519

Fax: 248.912.9996

www.ShortSaleInfoMI.com

www.EricMichaelOnline.com

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Topic:
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Location:
Illinois St Clair County O'Fallon
Groups:
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First Time Homebuyer
Silent Majority
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HyperLocal Neighborhood and Community Posts
Tags:
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Ambassador
1,709,615
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy and morning Yolanda

Yolanda my friend, folks sure find the info in this re-blog post helpful.

May the warm rays of Sunshine of happiness always find their way too and fall upon you and your family!

Have a good one
Dale in New Hampshire

Mar 11, 2012 04:20 AM #1
Rainmaker
344,525
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Hi, Dale! You must have been watching the blog roll. LOL Yes, this is my second re-blog--it's a good way to say, I agree with the writer. Thank you for dropping by, and take care!

 

Mar 11, 2012 04:33 AM #2
Rainmaker
544,156
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Yolanda, thanks for the re-blog. I'm glad you liked it. Hope everything is going well in St. Clair County for you!

Mar 11, 2012 06:07 AM #3
Rainmaker
344,525
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

You're welcome, Eric. It was worth a feature and many re-blogs. Thanks for dropping by!

Mar 11, 2012 09:16 AM #4
Rainmaker
1,013,621
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Many people have no clue what is involved with buying a house.  A real estate agent's job is to educate them on the process.  Some people think first you find the house, then you find the money.  Simply because they do not know any better.

Mar 11, 2012 09:28 AM #5
Rainmaker
344,525
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Hi, Rob - We do need to educate the public more on the process--whether buying or selling. The perception is the job is too easy and the process so smooth a caveman can do it. :)

Mar 11, 2012 10:15 AM #6
Rainer
639,083
Carl Winters
Canyon Lake, TX

Yolanda: Some very good advice. Education surely is important to help the client understand the process.

Mar 11, 2012 11:12 AM #7
Rainmaker
344,525
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Thank you, C&C! How are thing going with you? Thanks for dropping by! :)

Mar 12, 2012 06:45 AM #8
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Rainmaker
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Yolanda Hoversten

Broker - O Fallon, IL Real Estate
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