It is VERY important for the listing agent (Realtor) to call the buyers lender and verify that the buyer is actually qualified for a mortgage. In this video, I go over what can happen if they don’t. This might sound a little odd, but most loan officers like and respect real estate agents that do their due-diligence by picking up the phone. By doing this you’re going to take the sellers home off the market for 30-45 days and possibly miss a qualified buyer because you could not spend 5 minutes doing your due-diligence? This is WHY you, as a home seller, have to interview Realtors. You need to hire someone who is going to look out for your best interest and protect you.
Hi everyone. This is your Tampa Bay realtor Lance Mohr and in this videos, I want to go over, should you have your listing agent or realtor talk to the buyer’s lender before you accept a contract and that’s what I’m going to go over in this short video.
So the answer is YES always have your real estate agent, your listing agent call the buyers lender. Now, I know in our market our average sales price is 200,000 is someone’s making an offer on an $800,000 home. I know it’s not their first rodeo but certainly, I would still call. I would do my due diligence. The lower the price the more important it is. I just want to do it because I want to protect the seller but I also want to protect my own assets because if things go sideways, I don’t want to wind up with an in my face. I want to do everything I can to make sure the seller is protected. To make sure they’re not going to have put their home on the market for two weeks or four weeks or six weeks and all of a sudden it blows up and comes back. What I do when I get enough or coming in I’ll go ahead and pick up the phone. I’ll call the lender. I’ll introduce myself. I’ll see what kind of or type of contract it is. Say it’s conventional sit-down. On to say it looks like the buyer is going on a conventional loan.
I’m guessing this is a FannieMae loan they’re putting down 5%. I just want to make sure that they meet Fannie Mae’s debt to income ratios. Their guidelines and they’ll usually say you know yes then I want to make sure they meet their credit score guidelines. Yes, I want to make sure they need their depository car guidelines and what’s in the bank accounts etc. Now I’m not asking personal questions. I’m not asking what their credit score is or what their debt can come in as or how much money they have in the bank every blue moon I’ll get a lender and they’ll say well I can’t, I can’t go over this you and I’ll say well why not buy while you can’t go over personal information that this is just guideline information I just want to make sure that they meet the guidelines most lenders are quite the opposite most lenders will be more than happy to talk to you because they rarely get calls from real estate agents like this.
It rarely happens in good faith estimates or I should say pre-qualification letters rather are good but there’s a lot a genetic will write a pre-qualification for people who have they haven’t even talked to or who haven’t even filled out an application.
When I was in lending years ago. I would actually have three orders call me up that would go out and show buyers properties. They would look at the home they would write a contract then call me up one a pre-qualification letter. A pre-approval letter and they won’t even let me talked to the buyers and it’s ridiculous and when I tell them I’m not going to do that they’ll just say well find someone who will. It’s absurd but it does happen. So always have your real estate agent, your listing agent pick up the phone and just go through is the buyer qualified. I meant I know it sounds odd but I’ve actually had situations where the buyer hasn’t been qualified and I found this out upfront because keep in mind if the buyer has 30 days to get qualified. If they’re not qualified they have 30 days to get qualified and they couldn’t show up that 30 days and you could be missing other potential buyers who would actually buy your home.
Always make sure your listing agent calls the buyers lender and goes over. Are they qualified and confirm this. I hope this helps you remember these videos are for you. So if you have any questions real estate questions or anything like that put them below in the comments below should be an email go to ur Contac Us page and send me an email let me know what your questions are because I’d love the answer them or I’ll probably do a video on it because if you have a question. A lot of other people have questions if I can help you at all if you live in Tampa Bay area or if I could help you don’t hesitate to give me a call, shoot me an email. I hope this helps you. I wish you the best of luck buying or selling a home. Have a great day. For more real estate videos you can visit my YouTube channel Mohr Home Group.