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Do you even have a Clue? Ready to Buyer?

By
Real Estate Broker/Owner with Home Point Real Estate DRE # 01492725

Do you even have a Clue? Ready to Buyer?

I get these great infographics from the California Association of Realtors (CAR). This one looks at Buyer Preparedness. Take a look:

 

Home buyer

 

Only 54% of potential buyers don't know their Credit Score. My advise is check out your score at CreditKarma.com. On line sites can only approximate what your loan officer will find, but it give a good idea to start. (Side tip – don't give a copy of this to your loan office and tell him he does not needs to run your score. He needs to run your score. Get over it and get moving.)

Now I find this one fascinating, 60% of potential buyers say they are prepared to buy a home? Well what are they waiting for? I say to them get your rear in gear and talk to a REALTOR and/or Loan Officer now.

Which comes first the REALTOR or the Loan Officer. I suppose you would get a different answer from both sides of this. If you have been qualified with a Loan Officer already I say great let's get to work. If you are not working with a Loan Officer I like it when you call me first and we can review your situation so I can send you in the right direction. There are many loan programs and lenders, not all are the same. If one tells you “No” find out why; there may be some options.

Now is not a time to pussy foot around. If you can buy you should buy now and here is why!

 

Gene Riemenschneider is the Broker and Owner of Home Point Real Estate in Brentwood CA. Serving the East Contra Costa County Communities of Brentwood, Antioch, Oakley, Discovery Bay, Pittsburg, and beyond. For Buying, Selling or Investing call 925-260-4321.

Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Gene - I would always recommend that anyone interested in buying a home should find a lender first, and then find a Realtor. Great infographics, and hopefully this means more buyers in the future.

Aug 11, 2015 10:19 AM
Brian Skaar
VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender - San Diego, CA
Purchase Loan Specialist - VA, FHA, Conventional

Good advice.   I agree wholly

 

Aug 13, 2015 09:26 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Troy Erickson I guess it is self interest.  I know I am the right REALTOR.  I want to make sure they go to the right lender.  There are often lenders who do not do buyers right.

Brian Skaar Thanks Brian.

Aug 13, 2015 10:58 AM
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

I agree wit Troy Erickson.  There is a big difference in lenders. There are on-line lenders (sometimes a challenge to deal with), those from the BIG banks, and smaller lenders.  Especially first time buyers needs to be able to sit with a lender, understand the process (especially the part about 1) don't buy anything on Credit until the house closes 2) Expect to be asked for updated documents 3) Respond to requests for information and clarification of information 4) Here are your closing costs - if this is an issue talk to your Realtor about asking for seller concessions for closing costs if appropriate in your location and market place. There IS a difference in closing costs from lender to lender.

Aug 15, 2015 01:04 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Shirley Coomer oddly enought I disagree with you for all the reasons you outlined.  I know some lenders are better than others at working with clients.  I also know some have more flexibility or different loan products.  So I do a little pre-screening and then send them to the lender I think will work best for them.  On the other hand if they come to me already prequalified that is fine.

Aug 15, 2015 02:44 AM
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

Gene Reimenschneider -  I am just stating the loan world we live in. Some lenders fail to communicate to buyers (I have a few scenarios that come to mind).  I too will refer a buyer to a lender that will work best for them.  All lenders need to be communicating with the buyer, whether first time buyer or experienced buyer.  Buyers who bought 10 yrs ago bought in a different lending world than we have today.  Many buyer work best with a lender they can talk to, often locally.  Calling 1 800 get a loan isn't a good lending experience as far as I have seen.

Aug 15, 2015 05:03 AM