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Rainmaker
3,070,134
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Truth in Lending - or 

Mar 23, 2016 11:29 PM
Rainmaker
3,342,560
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The secret is a good loan officer. Bad credit often means more down or fix that credit

Mar 23, 2016 10:15 PM
Rainmaker
4,189,228
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Putting them together with the right lender who can provide a path to a loan at the right time.

Mar 23, 2016 10:18 PM
Rainmaker
854,045
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

No secret, they just need to figure out what they need to do to improve their situation, create a plan to get where they need to be, and make sure they stick to the plan.

Mar 23, 2016 10:10 PM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

More than likely the best advice is to rent and get their credit restored to A paper. However, if the commission is what matters most you can always get them on a loan that is not in their favor.

Mar 23, 2016 10:01 PM
Rainmaker
4,276,138
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Call Joe Petrowsky for advice! Period!!

Mar 23, 2016 09:17 PM
Rainmaker
1,157,535
FN LN
Toronto, ON

Get a great mortgage broker who works with people in this type of financial predicament.

Mar 23, 2016 08:10 PM
Rainmaker
634,332
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

If their credit score isn't too bad, a broker that has options that accomodate that usually at a higher interest rate.

Mar 23, 2016 06:38 PM
Rainmaker
1,528,396
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Education and patience... and time. Such clients should be prepared, unless they pay cash or buy as a business entity. 

Mar 23, 2016 06:37 PM
Rainmaker
2,457,835
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Bob. Refer them to a mortgage broker in your area, that can coach them to become mortgage-able. If the client is committed, there are many ways to accomplish the goal.

Mar 23, 2016 06:34 PM
Rainmaker
766,559
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

A good lender who puts them on a plan to get their credit back in good order sometimes it is 6 months to a year but it can happen, if they will do the right thing! Also there are programs that can help... we have one up here where they can save money back and it is matched for their down payment. It is income driven and can really help someone change their financial picture and be able to buy a home.  I think the secret is the person has to really want it.... no one can do it for them if they dont work for it themselves!

Mar 23, 2016 05:59 PM
Ambassador
5,472,411
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

a great loan officer can coach them through.

Mar 23, 2016 04:03 PM
Ambassador
3,796,001
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

 If they're willing to put in the work is always a way ..

Mar 23, 2016 03:38 PM
Rainmaker
396,424
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

Time.  They need time to improve their situation. 

Mar 23, 2016 03:37 PM
Rainmaker
1,158,887
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

broker who can lend at slightly higher interest rate ....

Mar 23, 2016 03:25 PM
Rainmaker
4,799,601
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

If you find out, let me know.

Mar 24, 2016 03:26 AM
Rainmaker
4,146,686
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Finding the right lending partner.  

Mar 24, 2016 02:12 AM
Ambassador
1,586,005
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Get them in front of excellent lenders and tell them to do as instructed. 

Mar 24, 2016 02:07 AM
Ambassador
3,084,038
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Working with a good lender. I do not believe there are secrets. There are steps to take to improve credit and qualify for a loan. In CA, John Meussner is your man.

Mar 24, 2016 01:28 AM
Ambassador
2,400,495
Robert Vegas Bob Swetz
Las Vegas, NV

The main reason for my question is because on average and this is a low average!

If I could have gotten loans for potential clients with bad credit scores, I could have made on average, 120K extra in commissions per year.

And that is at a low average 

UPDATE:

Here is a post I wrote just today relating to this question I asked last evening!

And please take note: There are NO Good Lenders in the Las Vegas area.

Making an Extra $120,000 Dollars Per Year 

 

Mar 24, 2016 01:25 AM
Rainmaker
6,686,246
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

The secret is the use of an outstanding mortgage loan officer.

Mar 24, 2016 12:06 AM
Rainmaker
2,649,948
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Forming a team, agreeing on the mission and then carrying it out is no secret. Getting it done to the results stage is called work. Work it & it comes

Mar 23, 2016 11:35 PM
Rainmaker
581,830
Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

Find a lender who does private portfolio lending. By expanding the tools in your toolbox you should be able to put together two or theee deals a year that dont fit conventional standards for Fannie or Freddie.

Mar 23, 2016 11:28 PM
Rainmaker
828,402
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Waiting until the credit improves and they can actually handle the mortgage and other payments rather than defaulting?

Mar 23, 2016 11:09 PM
Rainmaker
3,754,680
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

It can all be in the loan officer's hands. If you know a good one...refer, refer, refer!

Mar 23, 2016 10:46 PM
Rainmaker
796,232
Susan Laxson CRS
Premier Sotheby's International Realty - Naples, FL
The Michelle Thomas Team

Recently, I worked long and hard on one of the most difficult transactions I have ever had. I helped my clients clear up some items on their credit report, searched for lenders that would consider them, found a seller who was flexble  and finally found a mortgage broker who helped put the deal together without hard money rates. We all worked together to help them get into their dream home. There is always a way.

Mar 23, 2016 10:39 PM
Rainmaker
1,731,831
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

The loan officer.

Mar 23, 2016 10:25 PM
Rainmaker
894,887
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Getting financing for buyers with bad credit had bad outcomes just a short time ago. How quickly we forget.

Bad credit means many things. Without more information regarding the cause, good direction is not possible.

Mar 23, 2016 10:22 PM
Rainmaker
4,211,447
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

The secret is obtaining the right loan officer who works like Joe Petrowsky in explaining what they need to do to improve those credit scores..it can be done with the right guidance.

Mar 23, 2016 10:19 PM
Rainmaker
4,433,753
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I do not know.

Mar 23, 2016 09:18 PM
Rainmaker
2,759,637
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 I don't have a dog in the hunt on this one.

Mar 23, 2016 07:24 PM
Rainmaker
5,008,603
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have had my lenders help the potential buyer repair their credit score, and increase it to enable them to buy.   Takes a while.

Mar 25, 2016 04:04 AM
Ambassador
979,560
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MT, NC, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, WV - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

There ARE Good lenders in Las Vegas, NV --- we are there, and I know a few of our NV LO's are very good.

 

Clients with poor credit have 2 options -- fix their credit to qualify for standard loan products, or be prepared for not so friendly loan terms.

The secret is to educate them & prepare them for these 2 options, then involve them in the process with constant reminders to keep their eye on the prize.

Mar 24, 2016 06:21 AM
Rainmaker
1,395,569
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Use an independent loan broker, like Prospect Mortgage.  They are my go to for tough cases and the ones the big banks refuse.

Mar 24, 2016 06:04 AM
Rainmaker
1,525,355
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

If you don't have good lenders who are willing to think outside the box, it might be difficult.

Mar 24, 2016 05:56 AM