Frisco Texas Mortgage, Real Estate, Events, and more

Pre-Approvals for More Listings

In my previous posts of FSBO Marketing, I mentioned that providing pre-approvals would help obtain more listings.  How can a pre-approval help you obtain listings?  When a homeowner is considering selling their home, anything that adds security and peace of mind helps the decision-making process.  Is your competition adding value in the form of security and peace of mind?  If they are pre-approved for their next mortgage there is no doubt that they will be able to afford their next home if their present home sells.  This pre-approval also helps wed them to you as the listing agent on their transaction.  if they go to a lender on their own, that lender could actually recommend his or her own favorite real estate professional as they research for their next home.  Suggest using your lender(s) of choice.

How can a pre-approval help you sell your listings faster?  A homeowner who is pre-approved has money in their pocket.  With a loan approved, they are more likely to look for and find their next home.  When their next home is in their sights, the motivation to sell becomes more intense.  There is nothing that helps a home sell more quickly than a motivated owner.  This is not suggesting that the sellers be rushed into a sale/purchase.  But this does help with the motivation.

What I am suggesting here is that obtaining a pre-approval for the owners of potential listings makes a lot of sense - so does the obtaining of pre-approvals for the owners of your present listings.  In both cases you will be facilitating the process and solidifying your hold on the deal on the other end.

Meet with your current mortgage professional about assisting you with pre-approvals.  Please note that there is a big difference between pre-approvals and pre-qualifications.  If you are unclear of the difference, I'd like to recommend reading Jeff Belonger's post about The Differences.  Jeff is an FHA Expert located in New Jersey.  In this post, he provides excellent examples and details (Jeff - I hope you don't mind the mention).

 

If you are in the DFW area and do not have a 'Mortgage Guy (or Gal)' you can rely on, give me a call.  I am only licensed in the state of Texas, but would like to talk with you about the possibilities of working together.  As you may have read through my posts, there are many opportunities for a lender and agent to work together in order to increase your business.  Synergy and knowledge are two areas I focus on the most in my posts and in my business.

If you are outside the state of Texas, please continue to read my posts for useful information.  I welcome any and all comments or suggestions.

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Have a successful week!

John Cannata  ph# 214-545-5604

www.TxMortgageConsultant.com

 

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 9 commentsJohn Cannata • September 15 2008 08:10PM

Comments

I always ask for pre approvals here in Arizona. My wife works in the mortgage industry so if they are not approved, I give them 3-4 different companies and most of the time they choose my wifes company.

Sterling Home Mortgage

Posted by Mike Martell, Mortgage Loan Originator in Arizona NMLS#1290123 (Gateway Mortgage Group) about 11 years ago

If they aren't pre-approved they are not ready to buy.  No sense looking without money.

Posted by Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com (Real Estate One) about 11 years ago

John, I agree 100 percent!  I have actually made the assumption that my sellers could buy and found out after their home was under contract that in fact they could not, due to recent late pays on their current mortgage. My bad on that one, for sure!  I won't let that happen again, if I can help it!  Good advice closet boy!

Posted by Elizabeth Cooper-Golden, Huntsville AL MLS (Huntsville Alabama Real Estate, (@ Homes Realty Group)) about 11 years ago

John...  I agree that a pre-approval is much better.... but a very good to great loan officer doesn't need to rely on these, unless it's truly a shaky deal.  We need to explain to realtors and clients that pre-approvals don't happen over night. And if anything that should be questioned, it's the appraisals. Besides, I have maybe done 2 or 3 pre-approvals in my 16 yr career, And I have only had 2 purchase transactions die ever. One was my fault when I was new in the business. And the other was a 100% FNMA loan that was denied after it was pre-approved. Why?  That program changed a little and when we ran it through the system a month later, no go.  Overall, if a loan officer knows how to read credit and income, then the excuses are minimized.

In regards to the polite mention?  Thank you very much.. I never have a problem or mind being mentioned or in the spotlight.  Thanks

jeff belonger

Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) about 11 years ago

Hi Mike.  Sounds like you have a good process in place.  The key is to get the pre-approval.

You are right about that Russ.  If you are pre-approved then you are a little more serious about buying.

Thank you Princess.  What did you end up doing with that customer?  Do you have a follow-up system in place for them to possible sell/buy in the future?

Jeff - As you and I have stated in posts/comments, it does come down to the LO knowing the business.  Unless the Realtor works with the LO directly, they may not know to trust the pre-qual.  True, a good LO should be able to see any obstacles that may come up.  If there is any question, submit the file to the UW and see what comes back.  In today's market, there are slim 'slam dunk' deals available.  They exist... they are just not as common.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) about 11 years ago

Good point about pre-approvals sparking motivation. I request them because I don't want to find myself in the position ELIZABETH was in, assuming Sellers are able to buy after the sale of their home. Then finding out otherwise at the worse possible time.

Posted by LS Rogers Realty (LS Rogers Realty) about 11 years ago

I agree Trunda.  You certainly don't want to waste your time on selling a home when the buyer can't go anywhere.  :-)

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) about 11 years ago

Hey John,

Very true, very true. I had a seller who told me "not to worry about getting pre-approved." Sure enough, we got a contract on her house. We went looking, when it came time to obtain pre approval the answer was NO! She told me she wasn't aware of "no more 100% financing." It was a really nice house we sold and they both had very good jobs. I "assumed" they knew what they were talking about. They have since rented an apartment and moved to Florida.

Good blog btw.

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) about 11 years ago

That's terrible, Greg.  And by the time you found out about it, it was too late to do anything.  Did they not have any equity in their current house to come up with 'some' money?  Even FHA allows a low down payment.  I could not imagine having to go from a house to an apartment at this point in my life.  I know people do it and usually its because they took a cut in their pay or something (excluding the obvious - divorce).  That is sad and an excellent reason to pre-qualify your future listings.  Thanks for the comment. 

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) about 11 years ago

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