Hi everyone. This is your Tampa Bay Realtor Lance Mohr and in this video I
want to go over should you have your listing agent or
really talk to the buyers lender before you accept a contract and that's what
I'm going to go over in this short video
okay 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 if 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 a 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
to put their home on the market for two weeks or four weeks or six weeks and all
the Sun it blows up and comes back so 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
see what kind of type of contract it is say it's conventional Viper sit down on
to say it looks like the buyer is going on a conventional loan I'm guessing this
is a Fannie Mae 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 with 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 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 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 buyer and it's ridiculous and when I tell them I'm not
going to do that they'll just say well we'll 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 mean 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 so always make sure your
Whiston 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
in the comments below should be an email go to our Contact 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 the 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
you