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Old 01-20-2012, 10:22 AM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
Quote:
Originally Posted by FalconheadWest View Post
When I first started, back in 2000, there was a lady at my office that was a top producer. I couldn't figure out why because she wasn't the nicest person or smartest person, but she had a huge book of business. I later found out that she would tell her clients that she previewed everything and there were only 3 houses that truly fit what they were looking for, and they must pick from those three houses. These people "fell" for it every time. She very rarely showed more than 3 houses, and sold millions in volume.
I have had a few agents that used a similar technique. Not my style as I think it is unethical, but consumers have to take responsibility for their own decisions.
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Old 01-20-2012, 08:15 PM
 
613 posts, read 723,385 times
Reputation: 379
Quote:
Originally Posted by FalconheadWest View Post
When I first started, back in 2000, there was a lady at my office that was a top producer. I couldn't figure out why because she wasn't the nicest person or smartest person, but she had a huge book of business. I later found out that she would tell her clients that she previewed everything and there were only 3 houses that truly fit what they were looking for, and they must pick from those three houses. These people "fell" for it every time. She very rarely showed more than 3 houses, and sold millions in volume.
That means she spent a lot of time to find the right house for her client before showing to them? But if the clients still not satisfy with those 3 houses and want more showing?
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Old 01-20-2012, 08:51 PM
 
3,038 posts, read 2,066,372 times
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Quote:
Originally Posted by AngelBy View Post
That means she spent a lot of time to find the right house for her client before showing to them? But if the clients still not satisfy with those 3 houses and want more showing?
No, it means she lied and told them only 3 houses fit the criteria they are interested in. She says this to every client she has in order to save herself the time consuming process of showing homes. I don't believe that it works every time like Falcon says and I don't see how it works for her as well as it does. I wouldn't want someone choosing my house for me.

Falconhead, how long ago was this? Today it is so easy for people to search the MLS on their own that anyone would know she isn't telling them the truth.
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Old 01-21-2012, 10:20 AM
 
613 posts, read 723,385 times
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Quote:
Originally Posted by Nocontengencies View Post
No, it means she lied and told them only 3 houses fit the criteria they are interested in. She says this to every client she has in order to save herself the time consuming process of showing homes. I don't believe that it works every time like Falcon says and I don't see how it works for her as well as it does. I wouldn't want someone choosing my house for me.

Falconhead, how long ago was this? Today it is so easy for people to search the MLS on their own that anyone would know she isn't telling them the truth.
Uh oh, I can't believe how dishonest this agent is ...

I agree with you, although my buyer agent sends me the houses (after knowing exactly our criteria), I eliminate some and even after viewing the ones I picked, I still don't feel satisfied with those houses...
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Old 07-10-2012, 09:29 AM
 
1 posts, read 529 times
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Default Starting with a real Pre-Approval

Hi All - i agree with what all of you are saying in regards to figuring out ways to more effectively profile Buyers before going out and looking at properties. This makes sense. however, i do not hear anyone talking about getting a real pre-approval from a buyer before looking at homes. Not just a loan officer doing a pre-qualification on paper. I am talking about a real approval that goes through an underwriter and comes back with actual conditions to close... This would seemingly help immensely in a market where up to 30% of contracts are falling apart, mostly due to reasons tied to financing... My company is currently putting together an industry paper that speaks to the need to have formal Pre-approvals required before making an offer on a home. any thoughts on this??
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Old 07-10-2012, 12:55 PM
 
Location: Austin
4,317 posts, read 7,926,712 times
Reputation: 3373
Quote:
Originally Posted by Zyngawf View Post
Falconhead, how long ago was this? Today it is so easy for people to search the MLS on their own that anyone would know she isn't telling them the truth.
I wish we were sent notices when things were directed to us as I only saw this today. I worked with this agent end of 2000 through half of 2002. She was probably still doing it when I left, but the internet wasn't getting "big" for buyer searches until 2004'ish, so it probably worked well for her until then.

Quote:
Originally Posted by Jeff from RatePlug View Post
...however, i do not hear anyone talking about getting a real pre-approval from a buyer before looking at homes. Not just a loan officer doing a pre-qualification on paper. I am talking about a real approval that goes through an underwriter and comes back with actual conditions to close...
This goes in and out as something lenders like to talk about. They like the idea of it, but they don't like the work of it. It comes down to a mortgage professional doesn't want to waste their time on a buyer who isn't going to actually buy, and too many buyers decide not to buy. I've worked with lenders who thought this was great, and then don't brag much about it after a couple of months because they don't actually want to do it. If it was more of an industry standard, it would hold more water, but buyers don't want the extra up-front work, but neither do the lenders.
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Old 07-10-2012, 01:10 PM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
Quote:
Originally Posted by Jeff from RatePlug View Post
Hi All - i agree with what all of you are saying in regards to figuring out ways to more effectively profile Buyers before going out and looking at properties. This makes sense. however, i do not hear anyone talking about getting a real pre-approval from a buyer before looking at homes. Not just a loan officer doing a pre-qualification on paper. I am talking about a real approval that goes through an underwriter and comes back with actual conditions to close... This would seemingly help immensely in a market where up to 30% of contracts are falling apart, mostly due to reasons tied to financing... My company is currently putting together an industry paper that speaks to the need to have formal Pre-approvals required before making an offer on a home. any thoughts on this??
If I have a complicated buyer they go to two specific lenders in town that will do just that for me. Both underwrite in house so it isn't hard for them to chat with the underwriter about their specifics. I don't generally do that with my traditional loan clients, but I've had three that I've closed this year that were underwriter approved before we wrote a contract. They just had complicated financial situations. The others had a preapproval letter. Prequal is different than preapproval. Prequal means they pulled your credit report and you told them your financials. Preapproval means they have all your documents to back up your application. Underwriter approval obviously is the next step.

I've never had a buyer fail to get financing but I get my ducks in a row before we go out and write contracts. Very few agents will allow their seller to take an offer without a preapproval letter.
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