At what point do you say NO!

Mortgage and Lending with Oceanside Mortgage Group Inc


It has been one of those weeks and it's only half way done!  Once again I had to deny more loans in this all but stellar market, what fun!  One of my customers got under my skin last night and the question is if the customer cannot afford to buy a home at what point do you say NO?  Do you lead them on until they go under agreement or do you tell them up front.  Agents, when do you want to know that your customer is not as great on paper as in person?  Right after I got off the phone with the customer the realtor was in my face telling me how I'll never get another deal from their office... They must be a part time agent or very desprate... Thats all I keep telling myself... But is stuff like that this that in a slow market is going to kill what ever positive is going on... 

So, when do you want to be told NO?  Upfront or when the deal is almost done?  


Please don't take my rants to heart, I just hate it when I do the right thing and get punished for it... 

Comments (12)

Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS
I would like to be told upfront that they don't qualify.  That way I don't go all the way through the process and end up with wasted time and effort.
Mar 12, 2008 02:13 AM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA


I want to know ASAP......why not.  There is no upside for anyone to continue if there is no immediate light at the end of the tunnel.  We as professionals MUST educate the Buyer to be pre-approved before they look.....and understand that if today they can not buy....I will work with them on a plan to get them to that point together.

Mar 12, 2008 02:17 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
George, if I'm going to get bad news, I want it early on, along with a good explanation of the reason.
Mar 12, 2008 02:20 AM
Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove
George- I appreciate straight forward answers/information from lenders.  If I am a listing agent and the buyer will not qualify, I would rather know upfront than wait until my sellers are all packed and ready to go.  That creates nothing but hard feelings from everyone involved. As a buyer's agent I need to know before I take my clients out.  I don't want to waste my time and gas (it's expensive) and their time. 
Mar 12, 2008 02:20 AM
Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate
I would want ot know ASAP as well. It would not be fair to anyone to waste any more time on it if it will not work.
Mar 12, 2008 02:21 AM
Shannon Whitley
I would want to know right away! Don't lead me along for weeks and then tell me they are not approved! Why waste everybodys time.
Mar 12, 2008 02:24 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
George,  I try to get buyers to prequalify before getting too far into the process.  That said, as soon as you know  -  tell me.
Mar 12, 2008 02:32 AM
Harold "Hal" Place
A1 Connection Realty, Inc. - Sun City Center, FL
I would like to know up front. If our buyer isn't paying cash, which happens often in our market, we like to have then qualified before we start touring and looking at too many properties. Sure saves a lot of surprises and disappointments in the long-run.
Mar 12, 2008 02:32 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA
Prequalified buyers are key to this business. I would want to know as soon as possible.
Mar 12, 2008 02:50 AM
JDo Doe
Barrington, RI

George - I'm sure you get the pressure put on you from the start in these cases!  Sounds to me like you might have had an agent walk these folks in with a contract on a home they cannot afford...

Shame on the agent for waisting their clients time by showing them a house they have not been APPROVED by you to purchase.  That is not a good place to put in!!!

Mar 12, 2008 03:06 AM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor
What type of Realtor doesn't pre-qualify their client? And how in the world can they possibly get angry at you if they don't qualify? The mortgage broker is the Realtor's BEST friend. Consider yourself fortunate George you are not working with this 'professional'. 
Mar 12, 2008 11:34 PM
George Doumaney
Oceanside Mortgage Group Inc - Providence, RI

All thanks for your Comments!  I always want to be told the worst upfront! 

Keep the comments coming and Thank you all for your support!


Mar 13, 2008 02:45 AM