How many agents out there can relate to these roadblocks?
1. Full Mortgage Qualification.
If your buyer is obtaining a mortgage, then you’ll want to be sure that he or she is fully qualified prior to writing any purchase offers.
Some lenders will conduct a cursory call with prospective buyers and provide a pre-qualification letter without ever reviewing the buyer’s financial documentation. If that happens, then problems arise when an offer is accepted and the paperwork is reviewed. Make sure to understand the buyer’s loan program, since there are certain types of properties that can only be purchased with a specific type of loan.
2. Property Values Variance.
Picture it: You are tooting around town writing loads of offers for the same buyer, those offers are constantly getting declined. After a while, almost anyone would notice a pattern: your buyer always makes offers significantly lower than market value. It’s no wonder they are getting declined. Perhaps your buyer doesn’t understand that homes in your community are selling like hotcakes. Are you going to continue to write lowball offers for the same buyer over and over again?
3. The “Dream” Home Hurdle.
You’ve shown your buyer lots of properties near their price point. According to your buyer, every home has something wrong with it: the carpet is older, the kitchen’s outdated, the rooms are small, and the pool hasn’t been updated since the home was built. The reality is that your buyers can’t afford to purchase the new or like new home in the community that they desire.
Info provided by Truila.com
Unitl next time….