With all the recent drama surrounding the fallout of the mortgage industry I wanted to extend a personal invitation to fellow ActiveRain members area REALTORS ® and customers throughout the State of Florida and 37 other states as seen in the graphic to the right here...
Recently my real estate team has been the victim of these "Pre-Qualified Buyers" several times unfortunately who at the last minute before the financing contingency expires all of a sudden are unable to obtain financing leaving our sellers with a property that has been placed pending for almost 3 weeks and now is back on the market missing out on 3 weeks of potential buyers.
None of us like to play games with brokers that play the let's keep throwing the loan file against the wall till we find a "Mikey Likes It Lender" and then run out of time on the financing contingency...
As a fellow mortgage professional my special offer to you is the following:
Call Trust USA Mortgage to Pre-Approve Your Buyers before you take them out on the street to look at real estate. Now I'm not referring to the typical "Pre-Qualification" that many other places of business offer that we all know are at times not worth the paper they are written on unfortunately.
What I'm referring too is an actual commitment from the lender. This means that your buyers' loan file has actually been reviewed by an underwriter and the only conditions remaining to clear should be an executed contract for sale and purchase of real property and the appraisal of said property.
Now this may take an extra day or two before you take out your buyer but wouldn't you want a solid customer riding around in your car.. rather than one who is going to occupy your time and fall apart three weeks later? We run our business on TRUST and know that your time is valuable.
As the agent you can assist in making the process go faster by prepping your clients to have the following documents ready even if they are using their own lender to make the sale a more efficient process such as:
Two Years of Employment in the same profession or education leading to present job.
Two Recent Pay Stubs - From all employers or sources used for qualifying income.
Two Previous Years W2's or 1099's and two years tax returns if possible.
Two Months Bank Statements - All accounts and all pages used for asset verification.
Stated Borrowers may require additional documentation if self employed by providing a letter form their CPA and evidence of their company business.
If using other loan types such as SISA. SIVA. NIV. No Ratio or No Doc varying types of documentation may or may not be needed.
In addition to working as a REALTOR® I also work as a Licensed Mortgage Broker with Trust USA Mortgage Corp. Trust USA was established by our CEO Ron Davidson in Miami. Florida in August of 1994. Since that time we have grown from a small ambitious company into a competitive full service Licensed Mortgage Lender with branch offices in Fort Myers FL. Brickell Avenue Miami FL and Hallandale Beach FL.
We adapt to our customers based on their mortgage needs from first time homebuyers to people with unique credit (what most people call bad credit) to the upper end of our market of multi-million dollar homes and project lending in several developments throughout South Florida and Southwest Florida.
If I can be of assistance to you please contact me as soon as possible.
Scott SlocumLicensed Real Estate Sales Associate (REALTOR®)Sellstate Achievers Realty NetworkLicensed Mortgage BrokerTrust USA Mortgage CorporationPrimary: 239-340-1384 - Join our Pre-Foreclosure & Short Sale Notification List
Copyright © 2007 by Scott Slocum. All Rights Reserved. This material may not be published broadcast rewritten or redistributed without the written consent of the author."
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i totally agree with this - even though i have been trying to get this done we still have been getting last minute no's from the lenders - i have never seen it this tight
but i am told we are expecting some new products that will help us to get going again
Good point about getting a full pre-approval. I have seen so many bad pre-qual letters that I do not even take them serious unless I know the loan officer and even then I push the client to get the pre-approval. That is the same process I use for myself.
I personally won't show a Buyer anything until they are pre-approved. Even in this market where Buyers are few and far in-between.
Scott. I wish everyone would do the same. Unfortunately everyone wants to HOPE that they can do it even if they are pretty sure they cannot.
Great informative post. Preqaul letters don't mean a thing. More buyers and realtors should realize this. I sometimes get an "emergency" call from a realtor who has shown a home before the buyer is preapproved and I have to give them the bad news that the buyer won't qualify or that they need to find a less expensive property. Not a fun situation for all involved.
Thanks for the great post - I fall into the group of realtors that will not show a buyer homes until they are preapproved for a loan. I believe it is a smart way to handle your business by ensuring that the time & money (especially gas money these days) you invest in your buyer client is going to pay off appropriately.
I agree with Steve's comment above - "even in todays market where buyers are few & far in between" - I hope we keep working smart.
Cape Coral Real Estate Agent Scott Slocum (239) 340-1384 . Florida Future Realty Inc. Office Phone: (239) 340-1384
Find and here on ActiveRain. Disclaimer: ActiveRain Corp does not necessarily endorse the real estate agents loan officers and brokers listed on this site. These real estate profiles and are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp takes no responsibility for the content in these profiles that are written by the members of this community.© 2007 ActiveRain Corp. All Rights Reserved
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