Last month’s debut clock hour class, Lender Think Tank, featured 3 local lending professionals, each of whom shared generously with the real estate brokers in attendance to smooth and “effici-fy” real estate transactions.
One topic that came up a few times in the class was the concept of gathering information to find out exactly how ready a buyer might be to purchase a home or property.
As we know, people who are not yet qualified may think themselves ready.
They may feel ready.
They may even know, emotionally and mentally, that yes, 100%…they are ready.
But, unless they are paying cash, financing is still a big question that needs answering sooner rather than later.
Until your buyer gets some financial feedback from a professional, they will not be 100% clear about exactly how ready they might actually be.
This is where making the jump from “prospective buyer” to bona fide buyer client can take up a valuable resource for you, the broker: time.
Here’s what the lending pros said to listen for in your initial meeting, the Buyer’s Consult:
- Recent job change: part of a risk assessment is the longevity of employment
- A previous financial event: bankruptcy, previous foreclosure, etc
- Plans to purchase additional big-ticket items during or near the time of a property purchase
Each of these 3 elements can impact a lending institution’s final assessment for financing a property purchase for your buyer client.
If you, as a broker, haven’t yet spoken with your preferred lender about these 3 common topics, we suggest you have a general conversation in order to educate yourself.
In your buyer’s consultation
If these, or other, financial-type topics come up in your consult, you’ll want to try to get as much clarity, as soon as possible, with this buyer (should both of you determine you do want to work together).
If financial aspects don’t come up naturally in your meeting together, consider broaching the subject gently.
This is information that both parties, broker & buyer, need to be clear on in order to proceed to a viable purchase. Do yourself and this prospect a favor by simply being clear, gentle and still direct.
Save them (and yourself) some time by encouraging them to get that critical financial status in order. No matter how these potential buyers proceed, to they will need clarity about what they are working with regarding their financing. Especially in our competitive market.
Stay tuned for another post based on the Lender Think Tank debut regarding appraisals and plan to join us for a March 15 clock hour class: Marketing Without Money.
Register for this social, unboring, lunch-included clock hour class today! You’ll be glad you did.
If you don’t yet have a preferred lender, consider speaking with ours. We’ve vetted and highly recommend each one: