Pre Approval

Dated: 11/07/2019

Views: 4

Dated: 07/23/2019 - Alan Hoffman

Views: 101

So...the golden question that we ALL should be asking our clients:

"Are you pre-approved yet?" 

For me, 7 out of 10 times the response I get is NO!!!!

Clients do not want or feel the need to get pre approved until they've seen a home that they like and enjoy. The way I get around this objection is to state to the client that under our company policy NO ONE is allowed in the home without the pre-approval ready and emailed over to your agent. Usually, customers understand. But, in some cases they will refuse. Instead of you backing down and just giving in and taking time out of your day to show them a home, just DON'T! Without a pre-approval, how are you suppose to know they are actually qualified for a loan? WASTE OF TIME!!!

Unless, they disclose to you as their agent they would like to pay cash! GREAT! Show me the proof of funds! Put your money where your mouth is! Now, a lot of people don't feel comfortable doing that either! To calm your client down, express to them that this is just used to submit their offer if that is what they would like to do. Pretty simple right? 

Here are some great examples on how to calm your clients nerves when it comes to asking for a pre-approval or proof of funds:

"we just need to speak to a lender for a few minutes to determine what price range home for which you might qualify for a loan. I surely wouldn't want to go look at homes that might not be in your price range and have you fall in love with something you might not be able to purchase, so before we go look, we need to take care of this first."

or a different kind of approach...

"Alright, well as soon as we get your pre-approval letter we can start viewing homes and submitting offers."

Hopefully this will help !!!!

Blog author image

Minna French

"Always at your reach and at your service!" Buying or selling your home is one of the biggest financial transactions in your lifetime. What is the best price you can get? How long does it take to get....

Latest Blog Posts

Hurricane Season in the Mist of a Pandemic

Hopefully by now; everyone knows what to do to prevent themselves from contracting Covid-19, wash your hands, don't touch your face with unclean hands. If you can stay home; if you can't wear a mask

Read More

Are you considering using an FHA mortgage to purchase your first home?

If so, see what you need to know in the comprehensive article...What is an FHA Mortgage?Over my twenty years of selling real estate, many homebuyers have asked me what an FHA mortgage is and how do

Read More

What is mortgage forbearance?

As the coronavirus began sweeping through the country in March, many states issued shut-down orders for businesses, putting as many as 40 million people out of work by May. On March 27,

Read More

Summer Solstice - Midsummer in Finland

Finland is known for its cold and dark winters and short summers with long days and nightless nights. Summer Solstice, Midsummer, in Finland is celebrated on Midsummer’s Eve. This year is

Read More