As a listing agent, you know what to expect when an offer is presented. You review the offer with your clients, perhaps counter or accept it as written, and set a closing date. You notice your buyers have a letter from their mortgage company stating their application has been received, reviewed and pre-approved. But sometimes you get a funny feeling that you can’t put your finger on. The letter looks legitimate and you know the buyer’s agent but what do you do if something about the pre-approval just doesn’t sit very well? You call your lending buddy.
When you have an established relationship with an experienced residential mortgage loan officer, you have more at your disposal than providing a referral to your clients for a mortgage. If you have a question about a new loan program or want someone to get pre-approved, you have your “go to” person at the mortgage company.
Yet if you’re the listing agent and you want to get a better feel for the buyer’s and their true qualification, you can also take advantage of your relationship with your loan officer by asking the buyers to speak with your loan officer and have a little chat. If fact, most of my top agent relationships insist their buyers have a conversation with me as to stay in control of their business and time!
On the listing side, you’re not able to check a buyer’s credit report and while you can certainly ask a buyer what they’re credit score is they’re not required to answer and in fact will be a bit taken aback. However, there’s nothing wrong with having the buyers contact your loan officer for a quick pre-qualification, even if they already have a loan application at another lender. If you do not know the lender that approved them to buy, you may have nothing in your hand.
Your loan officer and all buyers can have a general conversation without the buyers presenting any documentation to the loan officer if they don’t want to. But most often buyers don’t have a problem with providing certain financial or credit information over the phone to another lender for a pre-qualification if they think they might get a better deal. Most times it can.
Even if your buyers don’t decide to work with your loan officer, you do come away feeling a bit better when your loan officer tells you that he thinks the buyers are just fine and not to worry. It always helps to have a lending buddy.