It’s the week leading up to closing, and everything is going smoothly. Or so you thought.
When the buyer’s agent calls and says the buyer can’t close due to financing, it’s enough to make your stomach turn. There’s already enough drama in real estate, so how do you protect the seller from an all-out meltdown?
In the first of our two-part series, we look at the top 10 underwriting, deal-killing scenarios and how you can get ahead of these things before they put a stop to everything.
The place it often starts is with the lender. Most lenders are only trained to work the files of those currently under contract, and your buyer’s application is left sitting in a pile while you’re out searching for homes.
If you want to put a stop to wasted weekends and missed opportunities, you must create an addendum — “The Ultimate Addendum,” we like to call it — to defend your deals!
You have to know your enemy first. Here’s some of the deadliest bullets your deals face:
- The buyer hasn’t even applied for the loan yet.
- The buyer had great credit and ratios when he or she applied, but then the buyer bought a new car, boat, rental, etc.
- The buyer’s down payment money was never verified.
- The buyer’s lender has only done a “soft” credit check — and guess what? He or she has issues to fix!
- The buyer has a home to sell, but he or she presented as having nothing to sell.
And those are just the beginning. It’s time to call in the troops; your buyers and sellers are looking to you, their agent, to be in command.
Protect your clients from having to deal with these issues just before closing, and protect your time as well.
“The Ultimate Addendum” takes the lethal sting out of these bullets and can be customized for your market culture. Imagine how powerful you’d be in a listing presentation with a seller whose been burned before by this very thing?
Join us as we reveal how to be a hero in your client’s eyes.
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Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.