In my previous posts of FSBO Marketing, I mentioned that providing pre-approvals would help obtain more listings. How can a pre-approval help you obtain listings? When a homeowner is considering selling their home, anything that adds security and peace of mind helps the decision-making process. Is your competition adding value in the form of security and peace of mind? If they are pre-approved for their next mortgage there is no doubt that they will be able to afford their next home if their present home sells. This pre-approval also helps wed them to you as the listing agent on their transaction. if they go to a lender on their own, that lender could actually recommend his or her own favorite real estate professional as they research for their next home. Suggest using your lender(s) of choice.
How can a pre-approval help you sell your listings faster? A homeowner who is pre-approved has money in their pocket. With a loan approved, they are more likely to look for and find their next home. When their next home is in their sights, the motivation to sell becomes more intense. There is nothing that helps a home sell more quickly than a motivated owner. This is not suggesting that the sellers be rushed into a sale/purchase. But this does help with the motivation.
What I am suggesting here is that obtaining a pre-approval for the owners of potential listings makes a lot of sense - so does the obtaining of pre-approvals for the owners of your present listings. In both cases you will be facilitating the process and solidifying your hold on the deal on the other end.
Meet with your current mortgage professional about assisting you with pre-approvals. Please note that there is a big difference between pre-approvals and pre-qualifications. If you are unclear of the difference, I'd like to recommend reading Jeff Belonger's post about The Differences. Jeff is an FHA Expert located in New Jersey. In this post, he provides excellent examples and details (Jeff - I hope you don't mind the mention).
If you are in the DFW area and do not have a 'Mortgage Guy (or Gal)' you can rely on, give me a call. I am only licensed in the state of Texas, but would like to talk with you about the possibilities of working together. As you may have read through my posts, there are many opportunities for a lender and agent to work together in order to increase your business. Synergy and knowledge are two areas I focus on the most in my posts and in my business.
If you are outside the state of Texas, please continue to read my posts for useful information. I welcome any and all comments or suggestions.
John Cannata ph# 214-545-5604