TODAY No 1
Deadly Pitfall No. 1
There are tons of horror stories out there among homeowners who have tried to sell their own home only to have a buyer tie up their home for 3 to 6 months trying to get financing. Because of anxiousness to sell, homeowners fail to find out ahead of time, before any contracts are signed, whether the buyers have made arrangements for a loan or whether they have even talked to a lender at all. 85% of buyers in the market to buy a home today do not know how much they can afford, according to lender guidelines for home loans. It is very disheartening (sometimes sickening) when a homeowner finds out the buyer cannot get a loan to complete the sale. Even though you may feel uncomfortable doing so, you must be firm in getting information out of buyers, as to their ability to get a loan. Do not tie up your home in a contract until the buyer has brought you a letter from their lender stating they are pre-approved, not pre-qualified. There is a difference. Pre-approved means the buyer has been approved for a loan by the underwriter (the person who says yes or no) and the is money waiting for them once the house is approved. Pre-qualification is the loan officer's opinion as to whether the buyer qualifies for a loan. The loan officer does not make the loan decisions. They only take the buyers' information and pass it on. The underwriter is the one who says yes or no. Taking this advice could keep from costing you months of headaches, bunches of time and money, and the turning away other buyers who may be much more qualified to buy your home.
Just a quick note to let you know how I can help the people you care about most, who need the best strategic real estate or mortgage advice.
Perhaps you may have noticed more homes for sale in your area now than last year.
What you may not know, is that many of these homes will not be sold because they simply are not positioned properly for today's market.
When you have a friend, family member or neighbor that has attempted to sell their home and have not been able to achieve that goal by themselves or with their current agent, perhaps I could give them the advice they need.
So, the next time you are in a conversation with a friend, neighbor or family member and they mention that their listing has expired, please don’t keep me a secret -- give them my name and number and ask them to call me.
My purpose is to make sure the people you care about get the strategic advice they must have in today's market place.
PS. Do you have a friend, family member or neighbor whose listing has expired and they would like to have strategic advice on how to reposition their home to sell in this market? Please call me immediately at 514-266-0419.