Top 5 Things You Should Demand from a Lender in a Purchase

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Let’s start with the top 5 things you ought to be demanding from your lender when you buy a home. Yeah! You know what’s interesting is most people don’t do every day so they don’t know what they don’t know. Clueless. And you know, we have plenty of experience cause we’re closing plenty of deals every single month. And we’ve had enough things go wrong to know exactly what we think a buyer should expect out of the lender. And that’s what we expect out of the lender partners that we recommend.

So I would say, and that’s just how it is. You know, just think about it when you go to buy a car you don’t go straight to the financing department, at least most people don’t. They go to the car, they drive the car, they love the car. How do I get it? Well, it’s kind of the way it works in real estate. They fall in love online and they don’t know how it works. They like, I want to buy a house. And when you say don’t know what you don’t know, it’s absolutely, positively true. And the beauty, and this is why I recommend you all the time, is that you’ve been doing this for decades and you’ve been doing it here.

You’re not somebody who’s nationally talking vaguely about something here. You’ve done it here. And we have a saying you don’t have to reinvent the wheel. People get all of that expertise, all of that experience, that landmine that you had to deal with 15 years ago. They don’t have to deal with that now because you’ve already handled it and you handled it 20 times since then. before buying a home is to get, not pre-qualified but to get pre-approved. Wow. I didn’t even see, when you talk about things that you don’t know, didn’t have any idea that there was a difference between the two. What’s the difference may be between being pre-qualified in being pre-approved? Thank you! Well, pre-qualification just means that they talked on the phone with the lender. The lender has not verified their income, their ability to perform. They may have not even pulled their credit, but they’ve just talked about, Hey, I make this much. My credit’s good. Yeah, Okay. Based on what you say, you qualify for X. So they draft up a letter and they go out and shop for homes. But I’ve seen some deals get derailed because the lender really didn’t do any due diligence and when they later look into it after the buyers already invested earnest money inspection, even appraisal dollars, oops sorry, they can’t get along. That’s unfair to everybody. I mean, it’s unfair to the person who is selling. You think they’ve got a deal going on.

It’s unfair certainly to you and the other professionals involved, but it’s unfair to a buyer thinks everything’s taken care of. We’re also to go and then, no, no, hit the brakes. We need to actually do what we, you thought we did, you know, weeks or months ago Well most longer say, the good lenders that I recommend saying that if they have a week in advance of a buyer making an offer on a house, they can verify all this stuff and their offer is almost the same as cash, except they have to get an appraisal. So there, you know, they get copies of all the documents of the buyer’s financial records that they need, and then they can write a letter says they’re not just pre-qualified, they’re approved. We just need to make sure appraises and we’re going to closing. And when we talk about that ability, you know, it’s either a strength or a weakness.

You’re able to deal with balls of them. And he actually, you’ve had some of your financial partners talk about how to rehabilitate their financial circumstances. They’re going be buying. You have seminars talking about that. What can a listing agent do to talk about the strength of the buyer’s ability? Well, the listing right now, the market’s really hot for homes priced under $400,000. Typically, we can’t keep up with the inventory. Homes are moving. There are more homes, less homes going on the market every month, and we are selling in that, in those price ranges. So what that probably means to a buyer is they might be up against the competition when they buy a home. So they have to be completely prepared. It’s better to spend that week, get pre-approved and be able to assure the agent that’s presenting the offers to the seller, that this buyer is not only pre-qualify, but they’re pre-approved. Same as cash. I just need an appraisal. Well, it’s not good to practice it all in time is money.

The phone number is (719) 301-2461 that’s how you reach Barb Schlinker at Your Home Sold Guaranteed Realty Colorado. Again, that phone number is (719) 301-2461 each week the Real Estate Voice with Barb Schlinker informs and educates anyone who’s in the market to buy or to sell real estate.

Barb Schlinker, Listing Agent

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