I'm Sick of it... Why do RE Agent take customers without PRE Quals

By
Mortgage and Lending with Oceanside Mortgage Group Inc

I need some help in understanding why an RE agent would take a client to see a house without them showing proof of a pre qual??  More over WHY would the agent put an offer in with ensuring they sit with someone?  Why are offers being accepted with out verifying folks can afford to buy?  Why are clients coming to me after mortgage commitment???  Please help me understand this.  I spent most of my day today meeting with the prospective buyers 5 days AFTER the mortgage commitment date and 10 days before close... I have no idea what I'm going to do at this moment since we have had so many recent program changes.  I feel for these buyers, they are most likely going to loose there deposit money.   I placed a call to the listing agent asking for a 20 day extension to close.  I might be able to fix some of the credit issues to get them going.  The killer is that if I can't get the financing done, everyone is going to blame me for this mess.... WHEN I didn't even come in to the picture until today... It's always the mortgage guys fault.  My only hope is that I can get them a grant for a bigger deposit to make the numbers work.  Should I get them intouch with a lawyer for help???    

Sorry for the RANT but it just frosts me when stuff like this happens.  Are agents that busy that they can't keep an eye out for a client or do they just not care??? 

-George

 

Comments (6)

Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"
Hey..I have been burned too many times taking people out, who can't qualify..so I require it before I go...If they want serious effort on my part, they have to show they are serious...
Feb 16, 2008 03:16 PM
George Doumaney
Oceanside Mortgage Group Inc - Providence, RI

Konnie,

I wish the agents that are handling this deal would use your advice.... I'm kinda miffed at why this stupid stuff happens in our industry? 

Feb 16, 2008 03:21 PM
Mike Gambino
Prudential Patterson Realtors - Florissant, MO
GRI

George,

Much of the time, it is new agents, just overly anxious to finally have a buyer.  My advice to Realtors is to tell the buyers, that the first step is getting pre-approved.  We certainly don't want to look at homes at one price point and then find out you don't qualify for that much loan.  If that happens we will never be able to find a home that will be to the same standards as the ones you've seen.

Feb 16, 2008 05:44 PM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor
Isn't this Realtor 101 information? I don't care how new someone is, it's just common sense. George I have been reading your blogs all at once. Is this the same Realtor office, because you are encountering issues that are frustrating to say the least.
Mar 12, 2008 11:42 PM
George Doumaney
Oceanside Mortgage Group Inc - Providence, RI

No Tara,

I work with several offices.  The issue that I see is that as the biz gets leaner the agents are doing some pretty stupid things...  

Thanks for the comment...

-george

Mar 13, 2008 02:54 AM
Sam Sams
Richardson, TX

George,

It is amazing that people do this but I hear about it all the time. Dealing primarily with mortgage officers I get several comments to this effect. I also causes several of my mortgages officers to call me and ask "What can you do? We have 20 days!" Realistically we cant do much in that short period of time unless its fraud or identity theft. Bottom line is if everyone follows common business practices our world would be a much more pleasant place. Good post!

Mar 13, 2008 03:49 AM