991,852
Could your self promotion be any larger?
Not good!
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Jennifer Mackay
Panama City, FL
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Nina Hollander, Broker
Charlotte, NC
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John Meussner
Fair Oaks, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
5,258,256
Even when they do come to me pre-qualified, I request that they speak to one of my preferred lenders and obtain a full pre-approval. Their chances of winning bidding wars are better with a pre-approval in-hand and one from one of my preferred lenders too!
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Bob Crane
Stevens Point, WI
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John Meussner
Fair Oaks, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Kathleen Daniels, Prob...
San Jose, CA
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Richard Woodward NMLS#...
Plano, TX
3,416,038
Many buyer prospects who are sent say they are pre qualified, but turns out they are not. I like to use a local and trusted lender and tell the buyers why. If they refuse, they are not ready or able to buy is what i find
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Bob Crane
Stevens Point, WI
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Joan Beduze
Lafayette, LA
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Nina Hollander, Broker
Charlotte, NC
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Richard Woodward NMLS#...
Plano, TX
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Debe Maxwell, CRS
Charlotte, NC
4,800,132
Nice self-promotion.
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Nina Hollander, Broker
Charlotte, NC
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John Meussner
Fair Oaks, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
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Debe Maxwell, CRS
Charlotte, NC
1,847,771
What's the mini-sales pitch for?
I tell the buyers that it benefits them because sellers take them more seriously. I also tell them that the lender wants to do a good job for me & takes a pledge (so to speak) to do that. It's also a personality thing - they might get along better with certain Lo's.
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Joan Beduze
Lafayette, LA
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Nina Hollander, Broker
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
4,907,535
Some are, and some are not. I expalin the pit falls of using a lender I have no working experience with.
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Bob Crane
Stevens Point, WI
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Richard Woodward NMLS#...
Plano, TX
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
3,350,589
No one gets my time until they are pre-approved. Pre-qualified means nothing to me. If they want to work with their own lender they certainly can do that. However, in order to work with me, they agree to be vetted by my lender. I need to know they are, in fact, qualified.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
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John Meussner
Fair Oaks, CA
1,202,672
Some do and some don't. In any event, I do have people I can refer them to, to get pre-approved
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
599,734
I don't "encourage" them to do anything. I provide them with a list of vendors and let them choose who to use.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
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Debe Maxwell, CRS
Charlotte, NC
370,200
50/50 when they need a loan I strongly suggest the best loan officer for their needs.....each buyer has different needs so I explain the pros of that particular lender etc...
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Bob Crane
Stevens Point, WI
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Richard Woodward NMLS#...
Plano, TX
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Debe Maxwell, CRS
Charlotte, NC
853,762
Estimated 30% ready to go; 70% need to get it done. I always offer a few suggestions if they don't already have an established relationship with a credible lender.
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Bob Crane
Stevens Point, WI
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Richard Woodward NMLS#...
Plano, TX
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Debe Maxwell, CRS
Charlotte, NC
2,459,343
I'd say about half are pre-approved and half are not. And yes, I have several mortgage professionals I recommend. I recommend them because they have done great work in the past, not because of their online reviews.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
6,425,063
So far they have all been prequalified.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Bob Crane
Stevens Point, WI
1,955,962
50% of buyers are cash. Usually a second home. They have funds available.
My company has a mortgage lender right in the office that is part of our company. I also have at least 2 others I have personal relationships with. I don't worry about referrals because I know my providers well. I will not steer clients to one particular provider but ask that a client talk to all of them.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
2,684,769
My recent buyers have come to me pre-approved. If the letter is not from a local lender, or a national name (Chase, Wells Fargo, etc.) then I will ask them to talk with a Tallahassee lender.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
1,506,953
Some do and some don't. If they don't I give them a couple lenders that they can choose from.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
2,222,281
I usually ask if the have completed their financing with a lender and if they say no, I give them the number for my lender. If they say yes, I give them the number for my lender.
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Bob Crane
Stevens Point, WI
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Anthony Acosta - ALLAT...
Atlanta, GA
1,466,257
Richard Woodward NMLS#217454 In the end it is the buyers decision who they want to work with in obtaining a mortgage.
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
1,242,204
Listing agents suggest the criterion for best mortgage acceptance. Those realtors require going through their favorite loan agent for screening have MOST COMPLAINTS on internet reviews.
My criteria for working with a name bank and local mortgage brokers that have a reputation with no appraisal contingency. Those out of the state, internet based lenders are not honored.
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Richard Woodward NMLS#...
Plano, TX
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Bob Crane
Stevens Point, WI
1,554,939
25% Pre-approved, the rest I refer to Jason E. Gordon for pre-approval; non are allowed to be only "pre-qual".
As Gabe Sanders mentioned, the commercial is inappropriate in the Q&A; we know what you do without the commercial tagged on. It actually woks against you here but for you in a blog.
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Nina Hollander, Broker
Charlotte, NC
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Gabe Sanders
Stuart, FL
7,871,050
Most are not pre-approved and need to be referred to a trusted local mortgage loan officer.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
921,504
Would a 5 Star rating persuade me to recommend a lender/broker.
HE** NO!
What is the basis for my recommendations?
1. Invested in the process. I mean they have a financial investment at the start. Then lenders/brokers are more motivated to find solution otherwise they kiss their meager investment good bye and I kiss goodbye a lifelong source of referral. Understanding this reality is the first revelation of the mortgage lender/broker.
2. They have resources to help me grow my business.
All the other stuff you read so much about, such as communications, are not a special benefit but a requirement otherwise you don't get to play.
3. How do I persuade buyers to use the lender(s) I recommend? By identifying for them the measures sellers take to protect themselves from the bad decisions buyers make regarding financing. Every screw up places a great cost on the SELLER. Responsible listing agents are going to protect the homeowner from rogue, irresponsible lender/brokers. Yet Chase and Wells are still in business. Someone is not doing their job.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
914,098
It varies. Buyers can choose their lender, and if it's one that has performed well enough before, I don't encourage them to change.
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Bob Crane
Stevens Point, WI
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Debe Maxwell, CRS
Charlotte, NC
2,071,025
1,598,452
I always ask them to get with the mortgage broker before they start looking
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Richard Woodward NMLS#...
Plano, TX
5,879,696
I won't put a buyer in my car without pre-approval. Sometimes they come to me with one, and if not, I give them three recommendations.
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Richard Woodward NMLS#...
Plano, TX
634,532
If the are not pre-qualified I get them pre-approved ASAP. I got for approval not just qualification. I offer the a list of local mortgage brokers past clients have recommended who have been highly successful in getting escrows closed on time.
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Bob Crane
Stevens Point, WI
3,986,308
3,988,013
The majority are not prequalified when they first contact me. I ask if they have a preference of lenders and then we go from there.
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Bob Crane
Stevens Point, WI
4,967,177
1,728,767
We nearly always need to get them pre-approved
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Bob Crane
Stevens Point, WI
5,116,853
I do not prequalify. If I have a prospective buyer who has not been pre-approved, I provide them with a list of good lenders who can do so. I have more than one preferred lender so I never steer anybody to just one.
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Bob Crane
Stevens Point, WI
1,625,253
Both, and if they are already pre-approved ( not pre-q) I call their lender to introduce myself interview him/her.
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Bob Crane
Stevens Point, WI
3,168,134
1,078,451
I honestly don't believe that Realtors are reluctant to suggest a preferred lender if they understand the value of the preapproval, the pitfalls of not having a preapproval, and the piss poor "preapprovals" that most lenders do - most wouldn't even qualify as a prequal in my book.
Educating your Realtor partners on how the preapproval process works and WHY it's important to have it done a certain way gives them the confidence to pass that info along to their clients, and also inform them WHY they have a preferred lender.
It's only difficult when the client doesn't know it is in their best interest.
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Bob Crane
Stevens Point, WI
5,583,328
they can use whatever lender they wish, but they MUST use someone we trust...we direct them to a lender.... it's their decision to use them or not....and it's a pre-approval we want...not a prequal...
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Bob Crane
Stevens Point, WI
1,712,876
If you are respected as a resource then those who need a lender will trust you.
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Bob Crane
Stevens Point, WI
613,494
Richard, If your question is considered self promotion, I see nothing wrong with it. It is a valid question. BESIDES...many here "like" their own questions so they get more points...ugh!
If my buyers have a PQ from somewhere I always encourage them to get a second opinion (with no obligation)...maybe they will get better terms.
It is rare that someone does not want to try that...
Eve
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Richard Woodward NMLS#...
Plano, TX
1,057,554
I'm going to overlook the inappropriate self-promotion and answer the question. I advise prospects that as a broker, if there are three financed offers sitting on my desk that are otherwise equal, the one with the known, competent lender will be given the greatest amount of weight. Do you want that extra leverage or not?
Stars are irrelevant.
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Candice A. Donofrio
Fort Mohave, AZ