I spoke to a REALTOR® earlier today. Nice young lady who also happens to be the REALTOR® for a Buyer on one of my listings. She’s been working with this Buyer for about 6 months and has been driving him all over Central Florida trying to find him the perfect home for him to retire to his retirement in a few years.
They finally settled on one of my listed properties. The Buyer submitted a pretty good offer. Almost full price, 20% down and a 30 day closing. Like the prudent little real estate Broker that I am I called the lender, CitiMortgage, to ask questions about the pre-approval letter and to make sure credit had been pulled and funds verified. “No problem Broker Bryant, he’s a great Buyer and there will be NO problem getting it closed. All I need is an accepted contract.” WOW!!! That’s just what I want to hear!!!
This was Wednesday of last week. Two days later, on Friday, I get an E-mail from the Buyer’s agent all upset because CitiMortgage has now told the Buyer he needs 50% down!!! Holy crap batman!! That’s a bunch of money!!
Anyway, I use this opportunity to ask the Buyer to call one of my trusted mortgage brokers. He does and within hours my mortgage broker calls me to let me know there ain’t no way in hell this guy is getting a mortgage any time in the near future. His credit sucks and he has NO money!!! That sure does contradict what CitiMortgage told me just days before. I guess the previous mortgage broker just pulled the pre-approval letter out of his…..Oh well you get he picture!!!
The reason I spoke with the REALTOR® earlier today was to see if I could help her avoid wasting so much of her time and other’s time by working with unqualified Buyers. Remember she had been working with this guy for 6 months!!!!
I suggested that, in the future, she needed to have ALL of her Buyers pre-qualified by someone she can trust. She seemed to think that doing this was “steering”. She wasn’t comfortable directing her Buyers to a Lender. Now correct me if I’m wrong but isn’t this our job? Aren’t the consumers depending on us to guide them and counsel them?
Maybe the REALTOR® is just fearful of losing a potential Buyer by being too “pushy”. Maybe this REALTOR® just needs to “grow a pair”. Do you?