Why Your “Listing Agent” MUST Call The Buyers Lender – Lance Mohr – Tampa Realtor

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

Daniel Ostrander

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