Which comes First the Broker or the Banker?
When you have made the decision to purchase real estate who should you call first? Most of us would say me, me the Broker but the truth is a buyer/investor should call their Banker FIRST. There are several reasons why knowing what you can afford and how much you will need down before you go searching to buy benefits not only the customer but the agent as well. Right of the back the customer does not fall in love with a property only to be told that they don't qualify for the loan or they don't have enough down to get the loan they want. Also it prevents property lethargy in the agent and the customer searching for an unlimited range of homes or land, the field is narrowed to only what they would be able to afford. With knowledge comes power and if a buyer knows that they are prequalified for a home or land they can present that to the sellers and stregthen their offer, which may lead to them getting the deal over another potential buyer.
In conclusion, it is a good idea to know your local bankers and be able to refer customers to a reputable source that is familar with the area you serve and the market for your area.
Looking in the South Central Va area, call State Wide Realty Co. at 434-392-6163
or visit us at www.VaStateWideRealty.com