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How Much Business Are You Losing?

By
Mortgage and Lending

Over the past several months, more and more clients are falling into the "non-lendable" and "unqualified" category for mortgage financing.  I am not talking about the former "sub-prime" type clients; I am referring to the clients that are only falling 10-20 points short on their credit scores from qualifying for a mortgage.  For these clients, they are just a few steps away from a pre-qual; however the steps they need to take to get the credit score increase, can take 30-90 days.  During that period, guidelines may change or another buyer may beat them to an offer.  With the "changing" markets, 30-90 days can result in the loss of business....which none of us can really afford.

I have been doing everything I can, urging my clients to be proactive and the agents that I work with to have all of their prospective buyers be proactive with their credit.

It takes time if there are needed corrections, modifications or disputes to resolve on credit reports to get a prospect pre-qualified, so I have put together a "Credit Education Guide" for my clients to help them with a proactive approach through education and resources.

I'd like to offer this same guide, FREE, through the Active Rain Network to help other Real Estate Professionals provide a value-added service to their clients.

You may download your copy by going to http://www.getmycreditguide.com/

Most of the agents that I work with have included the link in their e-mail newsletters, ezines, mailers, etc and I would offer this same opportunity to you. It's a great value-added service and I am sure your future clients will greatly appreciate it.

Keep in mind this may also save a couple of deals for you, which is more $$ in your pocket!

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Thanks for the link. I have clicked through and need now to confirm my e-mail address, but if it could net me another couple of deals I'll be most grateful.

Mar 18, 2008 03:24 AM
Keith Goodman
Keith Goodman - Merced, CA
Very informative article. I agree that too many clients fall through the cracks of the sub prime credit market. Just a few changes and or modifications or mistakes that were not their fault can raise their credit score significantly.
Mar 18, 2008 03:27 AM
Royal Goodman
Royalty Home Solutions - Madera, CA
"We Treat You Like a King"
I think that is very good. If it would save one deal, it is a good thing. I will be checking into it. Thanks, Royal..
Mar 18, 2008 03:28 AM
Kim Ray
BHGRE Metrobrokers - Blairsville, GA

Thanks Dan, for the link anything we can do to help our border line buyers may result in an actual buyer.

Kim Ray

Mar 18, 2008 03:30 AM
Tony Fantis
Fantis Group Real Estate - Salt Lake City, UT
Realtor,Principal Broker - Salt Lake City

Good info.  I'll check out the download!

 I've seen a credit score jump over 130 points in a single year.  If people pay CLOSE attention to what they're doing, it is possible to ramp up their scores without a lot of pain.  

Mar 18, 2008 03:34 AM
Bob Cumiskey
A1 Connection Realty, Inc. - Sun City Center, FL
US Army Retired, Your Sun City Center, Florida ~ Realtor

Hi Dan,

Thanks for the post and the information. I will download when I finish commenting. One of my clients, a young couple, have a few issues.....hopefully your information will provide them some insight.

Thanks again,

Bob 

Mar 18, 2008 03:40 AM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate
Thanks for the link.  Looks like good info.  Will sift through it.  Credit scores can be a real killer.
Mar 18, 2008 03:44 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Dan:

Haven't run into the credit disquals yet.  Definitely will be on the lookout.  I guess I really can't blame the banks for getting picky. 

Mar 18, 2008 04:35 AM
Carmela Stellabotte
Allentown, PA
ASP
I have prospective buyers who are in the 10-20 point category and are ready, willing but just short of being able to buy. Will check it out. Thanks!
Mar 18, 2008 01:19 PM
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Thanks for the link.  I have quite a few folks that need to work on their credit.  Maybe this will work...

Mar 18, 2008 01:23 PM
Dick Betts
TOUCHSTONE REAL ESTATE - The Villages, FL
REALTOR® The Villages, Florida

If you live within 3 hours of Harrisburg, PA and want 2 full days of Mobile Technology Training and Web Presence then do we have an event for you!  The dates are April 17th and 18th, Central Penn MLS in Enola, a suburb of Harrisburg has hired me to present a full 2 day event.  Word of mouth has agents from 2 hours away already signing up for the classes and we are about to launch a major advertising campaign so you better sign up early.  If you have any questions on what will be covered I have a link below on the class schedule.

Smartphone users, feel like your Smartphone is smarter then you?  Do you want to work Smarter not Harder?  This 13 hour training event will help you get a handle on your Smartphone and teach you how to work smarter.  We will be doing 9 hours of hands on so bring your chargers!

If you don't currently own a Smartphone but know you need one, then ATTEND!  Normally 25% of my classes are agents thinking about buying a phone and I am there to help you decide what is best for you and where the best deals are.

Here's a link for more info;

http://www.dickbetts.com/harrisburg.html

Apr 01, 2008 06:54 PM