“Who Ya Gonna Call?” (When an Offer Comes In)

Listing Agents Who Call the Buyer’s Lender

As a Buyer’s agent, how can you tell if the listing agent (representing the Seller) is taking your client’s offer seriously?

They call the Buyer’s lender — specifically, the lender on the Buyer’s Pre-Approval letter — and verify key information.

Like, whether they’ve previously worked with the Buyer; the type of loan being applied for (conventional, FHA, etc.); and any other circumstances likely to affect that Buyer’s creditworthiness — and therefore their odds of getting a mortgage.

Of course, if the home has received multiple offers, the listing agent will also want to confirm whether the Buyer can afford not just the list price, but the (much) higher amount they’re offering to pay; and whether the Buyer has the wherewithal to make up any deficit if the home appraises low.

Qualifying the Buyer — and the Buyer’s Lender

When I’m the listing agent, I also like to vet the lender, their institution (if it’s not a “name brand” like Wells Fargo or U.S. Bank), and generally get a feel for whether they know what they’re doing.

As I tell my selling clients, when I receive an offer, before I call them, my first call is to the Buyer’s lender.

P.S.: A good omen is when you reach the lender on their cell, first time.

A bad omen is when . . . the number on the pre-approval letter is disconnected (that’s actually happened).

See also, “First-Time Buyers’ Handbook.”



from RSSMix.com Mix ID 8230700 https://ift.tt/3vmT0jP
via IFTTT

Comments

Post a Comment

Popular posts from this blog

“What’s the Highest Point in Hennepin County?”

Image
There sure seems to be some confusion on that, umm . . . point. I’ve now encountered at least three different properties — none close to one another — that all claimed that status in just the last month. For the record, according to Hennepin County’s website, it’s on Williston Road near High Point Road in Minnetonka — 1,131 feet above sea level. See also , “ Florida’s Tallest Point (and how to get there) .” from RSSMix.com Mix ID 8230700 https://ift.tt/2Pq1ndL via IFTTT
Read more

Estimating the Discount for a Busy Street (or Not)

Image
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking for a rental property may see the location as a plus: free advertising! Of course, not all busy streets are created equal: depending on how far the home is set back; elevation differences; the individual home’s layout; and even landscaping and other topography, and the noise level/loss of privacy can vary significantly. Two Strategies Faced with so many variables, Realtors and Appraisers can always simply choose an average discount — say , 10% off. Strategy #2? Choose as Comp’s (Comparable Sold Properties) only homes that are also located on busy streets. Even better: the same busy street. Then, there’s no need to make any adjustment, because all the home...
Read more

“Are You a Realtor?” “Why, Yes I Am!”

Image
“There Goes My Realtor!” Admittedly, the intended effect is for clients who see me in and around the neighborhood where I live (by Cedar Lake in Minneapolis) to see my car on the road and say, “There Goes My Realtor!” But, my custom license plate (above) is also a conversation-starter when I’m parked. Like today, in Linden Hills, where a builder who has an upcoming listing saw my car and asked if I was a Realtor. I know what to do from there . . .  from RSSMix.com Mix ID 8230700 http://ift.tt/2glixp5 via IFTTT
Read more