All too often we come across agents who haven’t taken the time to find out if the buyers they’re working with even qualify for a loan! It’s really important to know where your buyer stands with the loan before they select a house and are ready to submit an offer. At this point, if the buyer finds out they are not qualified to purchase this home they’ve falling in love with, they may get discouraged to proceed with the search. To avoid an incident like this, make sure you help your buyer get qualified for a loan! This will save you the hassle of running around and showing properties to an unqualified buyer. Make your time count and put it towards qualifying your buyers!
Most listing offices/sellers require offers to be submitted with pre-approvals. By having a buyer ready and qualified, you can submit offers quicker without losing days with the pre-approval process.
It’s good for agents to familiarize themselves with the lending market and understand the qualification process. This will show your buyer that you want to help them through the whole process of purchasing the home, not just finding them one. Help the buyer through this process by recommending a lender you have worked with in the past and even take the extra step and go to an appointment with them to meet the lender.
Working with a loan officer or a lender is a great way to get clients as well! You’re giving the loan officer the opportunity to refer clients when you refer them one.
Jenny Manukyan is the Transaction Manager here at JohnHart Real Estate, as well as an agent herself. Being the supervisor and "linchpin" in our short sale operations, has endowed Jenny with invaluable knowledge; and here on the JohnHart Gazette she hopes to share that with you all!
When we represent a client in their real estate transaction, we have to show them how important is for us they understand the process of buying their first house or investment property, by doing that we are not only showing them we care, but how professional we are if we guide them in the right direccion. Let’s also remember that the type of loan they are pre-approved for will let us know the type of house we have to look for them, Lenders are looking into every single detail on a house the buyer wants to get.
Excellent Point Sandra! Thanks for the feedback!