Tags |
|
|
Links |
|
|
Atricle Dump - The Absolute Importance Of Properly Obtaining Buyer Qualification Information For A Successful Sale!
Many real estate consumers are bombarded today with the call for lower real estate commissions, and it would seem to make sense. As home prices have risen dramatically over the last couple of years, real estate commissions have dropped to 5.1 % as a national average according to industry sources. Mark Nash author of 1001 Tips for Buying and Selling a Home outlines how real estate commissions are paid out among the four principals to a residential transaction.A typical real estate transaction today involves the property seller compensating their broker
1. Insist that the buyer sit for a formal loan application and submit proof of that application going through the process of approval with a reputable lending institution (if they haven't already done it). Request that this loan application or Good Faith Estimate is submitted as a minimum for Seller approval as a bare minimum. "Why fly blind", either the buyer or the seller?
Q: What if the buyer is afraid of revealing confidential information such as social security #, birth date, or even address?
A: The buyer's agent can at a minimum obscure this confidential
Things change fast in the world of technology and even faster on-line. If you’re just getting comfortable sending email then you might be confused by the buzz surrounding “Web 2.0.” What is it, and what does it mean for you?Web 1.0In the early days of the Internet people thought of web pages as being just like pages in a huge book. We searched through them to find information the same way you would flip through an encyclopaedia. There was a clear division between content providers and content consumers.Here are f
Long car rides on the weekend to step out of your home temporarily as buyers go through your home, you leave the home so that they can be undisturbed while viewing the property. Then the big day comes and the full price offer with no closing costs requested is received on your real estate agents fax machine. You gladly accept the offer and start packing all of your worldly belongings and start preparing and getting ready for your cross country relocation move to a better life and a new career, and a larger home!!
Everything seems to be going smoothly one week into the process and the lender and the buyer's agent have been conducting the usual inspections (home inspection, termite inspection etc.) and everything seems to be on track, nothing out of the ordinary.
Your realtor has been assured with a generic realtor association form from the buyer's agent that was incorporated with the contract that the buyers will qualify.
On moving day, the trucks arrive, the moving crew is there, however loan documents have still not been delivered to the title/escrow company.
What's wrong with this picture and what could have prevented this all to common scenario from occurring?
1. The generic form that was submitted by the buyer's agent was probably created and submitted by the mortgage company doing the loan, not the underwriter. That is simply like the fox guarding the hen house. Most mortgage officers can not approve a loan, only a banker's underwriter can!
2. Many buyers agents simply don't know how to properly qualify their clients since there are so many new agents in the business struggling to get into and stay in the business.
3. Even if a buyers agent does a good job at the preliminary qualifying, they are not in the loop to all of the actual qualifying information. Since credit score, debt to income ratio, and other information is usually asked for by a lender many real estate agents allow the mortgage professional to do this and unfortunately many agents are willing to go for a "hail mary" to see if the loan will close (%50 - %50 is good enough for some).
In such a fast moving world where does a seller have a chance to over come these all too common situations?
1. Insist that the buyer sit for a formal loan application and submit proof of that application going through the process of approval with a reputable lending institution (if they haven't already done it). Request that this loan application or Good Faith Estimate is submitted as a minimum for Seller approval as a bare minimum. "Why fly blind", either the buyer or the seller?
Q: What if the buyer is afraid of revealing confidential information such as social security #, birth date, or even address?
A: The buyer's agent can at a minimum obscure this confidential
Many years ago when I hated what I was doing for a living I was encouraged by my career coach to write down several short stories about times and events in my life where I influenced the outcome. I was stumped at first, but after a few days, I came up with over 15 pages of stories of times in my life where I influenced the outcome and either grew myself and/or bettered the existence of either myself or others around me.So what does this have to do with a job interview?If you read other books on job interviews, you'll notice they feed you
Everything seems to be going smoothly one week into the process and the lender and the buyer's agent have been conducting the usual inspections (home inspection, termite inspection etc.) and everything seems to be on track, nothing out of the ordinary.
Your realtor has been assured with a generic realtor association form from the buyer's agent that was incorporated with the contract that the buyers will qualify.
On moving day, the trucks arrive, the moving crew is there, however loan documents have still not been delivered to the title/escrow company.
What's wrong with this picture and what could have prevented this all to common scenario from occurring?
1. The generic form that was submitted by the buyer's agent was probably created and submitted by the mortgage company doing the loan, not the underwriter. That is simply like the fox guarding the hen house. Most mortgage officers can not approve a loan, only a banker's underwriter can!
2. Many buyers agents simply don't know how to properly qualify their clients since there are so many new agents in the business struggling to get into and stay in the business.
3. Even if a buyers agent does a good job at the preliminary qualifying, they are not in the loop to all of the actual qualifying information. Since credit score, debt to income ratio, and other information is usually asked for by a lender many real estate agents allow the mortgage professional to do this and unfortunately many agents are willing to go for a "hail mary" to see if the loan will close (%50 - %50 is good enough for some).
In such a fast moving world where does a seller have a chance to over come these all too common situations?
1. Insist that the buyer sit for a formal loan application and submit proof of that application going through the process of approval with a reputable lending institution (if they haven't already done it). Request that this loan application or Good Faith Estimate is submitted as a minimum for Seller approval as a bare minimum. "Why fly blind", either the buyer or the seller?
Q: What if the buyer is afraid of revealing confidential information such as social security #, birth date, or even address?
A: The buyer's agent can at a minimum obscure this confidential
Ideally, the way to get a good deal on your motorcycle insurance is to make sure that you know what the cost of insuring a motorcycle is before you buy it. By being aware of the ongoing costs, the buyer can make informed choices about what the purchase is going to cost in real terms and how other alternative compare. I am not saying that we should all be extremely sensible and buy a 50cc scooter when what we really want is a big bore sports motorcycle, but some insurance costs can be avoided without sacrificing too much performance.The cost for insura
On moving day, the trucks arrive, the moving crew is there, however loan documents have still not been delivered to the title/escrow company.
What's wrong with this picture and what could have prevented this all to common scenario from occurring?
1. The generic form that was submitted by the buyer's agent was probably created and submitted by the mortgage company doing the loan, not the underwriter. That is simply like the fox guarding the hen house. Most mortgage officers can not approve a loan, only a banker's underwriter can!
2. Many buyers agents simply don't know how to properly qualify their clients since there are so many new agents in the business struggling to get into and stay in the business.
3. Even if a buyers agent does a good job at the preliminary qualifying, they are not in the loop to all of the actual qualifying information. Since credit score, debt to income ratio, and other information is usually asked for by a lender many real estate agents allow the mortgage professional to do this and unfortunately many agents are willing to go for a "hail mary" to see if the loan will close (%50 - %50 is good enough for some).
In such a fast moving world where does a seller have a chance to over come these all too common situations?
1. Insist that the buyer sit for a formal loan application and submit proof of that application going through the process of approval with a reputable lending institution (if they haven't already done it). Request that this loan application or Good Faith Estimate is submitted as a minimum for Seller approval as a bare minimum. "Why fly blind", either the buyer or the seller?
Q: What if the buyer is afraid of revealing confidential information such as social security #, birth date, or even address?
A: The buyer's agent can at a minimum obscure this confidential
It is so easy to do. A small typo. But it can have big consequences. Especially if it is in your media release.It can cause millions in lost sales, damage your reputation forever and cost you political elections.Just take the case of Western Australia's last state election. A missing zero in a media release on the costing of a water canal development just days before the election most certainly contributed to a loss of voter confidence at a critical time.Even seasoned professionals can make mistakes. So what can you do to prevent costly
3. Even if a buyers agent does a good job at the preliminary qualifying, they are not in the loop to all of the actual qualifying information. Since credit score, debt to income ratio, and other information is usually asked for by a lender many real estate agents allow the mortgage professional to do this and unfortunately many agents are willing to go for a "hail mary" to see if the loan will close (%50 - %50 is good enough for some).
In such a fast moving world where does a seller have a chance to over come these all too common situations?
1. Insist that the buyer sit for a formal loan application and submit proof of that application going through the process of approval with a reputable lending institution (if they haven't already done it). Request that this loan application or Good Faith Estimate is submitted as a minimum for Seller approval as a bare minimum. "Why fly blind", either the buyer or the seller?
Q: What if the buyer is afraid of revealing confidential information such as social security #, birth date, or even address?
A: The buyer's agent can at a minimum obscure this confidential
As a franchisor often one will be presented with relatively simple transactions, which on paper have significance but in reality will not change the franchise relationship between the franchisor and the franchisee. Even so such changes could be significant down the road. For instance, take the assignment of the franchise agreement, which is transferred into a newly formed corporation or LLC. A franchisee may do this, to limit its liability, for tax purposes or other legal reasons.A franchisor must consider how this will effect his operations in deal
1. Insist that the buyer sit for a formal loan application and submit proof of that application going through the process of approval with a reputable lending institution (if they haven't already done it). Request that this loan application or Good Faith Estimate is submitted as a minimum for Seller approval as a bare minimum. "Why fly blind", either the buyer or the seller?
Q: What if the buyer is afraid of revealing confidential information such as social security #, birth date, or even address?
A: The buyer's agent can at a minimum obscure this confidential information on a copied version of this document with white out or correction tape and then fax it or other wise deliver it to the listing agent with the buyers signed permission to disclose this information. What more is there to hide, why hide anything?
Protect your families interests and consider consulting with your professional representation on how you can prevent this most common problem in the real estate industry. Of course consult with your own legal counsel, real estate agent, accountant, and other professionals and advisors relating to this articles content. The author of the content of this article accepts no responsibility for the implementation of this articles content and it is purely for informational purposes and for informing the public about potential issues relating to consumers and the real estate negotiation process. Please consult your professional counsel about implementing any of this information for your individual situation first. All situations are unique and very different consult your attorney or real estate professional representation before considering to use any of the above information.
Visit www.personalizedhomesearch.com for more great articles relating to the real estate industry and relocating to sunny Arizona! -Rick & Jennifer LeForce
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.articledump.net/article/148671/articledump-The-Absolute-Importance-Of-Properly-Obtaining-Buyer-Qualification-Information-For-A-Successful-Sale.html">The Absolute Importance Of Properly Obtaining Buyer Qualification Information For A Successful Sale!</a>
BB link (for phorums):
[url=http://www.articledump.net/article/148671/articledump-The-Absolute-Importance-Of-Properly-Obtaining-Buyer-Qualification-Information-For-A-Successful-Sale.html]The Absolute Importance Of Properly Obtaining Buyer Qualification Information For A Successful Sale![/url]
Related Articles:
Debt Elimination is Very Important
Non Recourse Factoring vs Recourse Factoring
Bookmark it:
|