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Status:
"Made the Retirement Run in under 12 parsecs!!!"
(set 9 days ago)
Location: Cary, NC
43,095 posts, read 76,681,954 times
Reputation: 45408
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Quote:
Originally Posted by MikeyKid
I really am not understanding this...
Why am I working out details with a lender before I offer on a specific house? I've never done that. I've never been turned down to see houses. I've spent months looking at homes before I bought previously. Heck, I've been looking for the past year practically... I'm relating my experience from NY and NC. I looked extensively seeing many, many houses in NY before I decided to relocate to NC where I made several trips to see many, many houses.
I've had agents lined up willing to work with me as "relocation specialists" offering kits, packages, etc - I've ridden around with these people looking at properties. What was I missing? Did I just find the handful of licensed agents who don't require "financial proof"?
As I said, "Now agents may decide they are a judge of character and roll the dice that you have a nickel or two to play with."
I do it myself.
And sometimes I don't do it, and most times when I don't, I am right when I don't.
But, we have two topics tangled.
Sellers who demand a pre-qual letter for a showing are fooling themselves, unless there is something unique going on.
Buyers who protest strongly about demonstrating personal responsibility are often the least capable of performing.
Why am I working out details with a lender before I offer on a specific house? I've never done that. I've never been turned down to see houses. I've spent months looking at homes before I bought previously. Heck, I've been looking for the past year practically... I'm relating my experience from NY and NC. I looked extensively seeing many, many houses in NY before I decided to relocate to NC where I made several trips to see many, many houses.
I've had agents lined up willing to work with me as "relocation specialists" offering kits, packages, etc - I've ridden around with these people looking at properties. What was I missing? Did I just find the handful of licensed agents who don't require "financial proof"?
I think there's some degree of "good faith" that goes into any sales transaction.
My realtor has only once driven me around. We usually meet. It's faster for everyone, and our area is so close to both the RE office and our current home that it's not like I'm pulling them miles out of the way.
We gave ours the prequal letter from our lender, and they know where we work and what we do for a living. They're using their best judgment in working with us.
Seems reasonable to me.
We will buy using their agency, when the right house comes along.
Unless we get relocated or some such.
We try to limit our viewings to a house here and there.
No need to waste anyone's time on houses that don't look remotely like we would but them.
Status:
"Made the Retirement Run in under 12 parsecs!!!"
(set 9 days ago)
Location: Cary, NC
43,095 posts, read 76,681,954 times
Reputation: 45408
Quote:
Originally Posted by manderly6
That would happen in the form of a prequal letter. If that isn't sufficient for you then we wouldn't be working together.
As for your question, ask your fellow realtors. I've had plenty of them work with me without talking with my lender.
Yes, a prequal letter. Fine.
But, my fellow Realtors are independent contractors, with the right to use their time as they see fit.
And you probably present well having bought plenty of homes with multiple Realtors.
No, that's the job of the lender, but you're honing in on the process now.
.
Even the lender doesn't do those things.
They just figure out if you're going to have enough $ at the end of your debt to pay for the monthly statement. They don't care if you ruin yourself to do it.
Status:
"Made the Retirement Run in under 12 parsecs!!!"
(set 9 days ago)
Location: Cary, NC
43,095 posts, read 76,681,954 times
Reputation: 45408
Quote:
Originally Posted by manderly6
But what does a pre-qual letter really do? I am convinced a sack of potatoes with a good disguise could get three of them by lunch time today.
Yep, I know those lenders.
That is the advantage of hiring a good agent. We often know the traps, and just like a surplus of crummy agents, there are plenty of crummy lenders.
My #1 Lender recommendation is the guy who gets the deal done after the prequal mill chosen by the buyers fumbles the ball. (You know, you can always promote 'NO Cost Mortgage' if you can never fund a loan...)
He never bumps the rate, terms, or payment a few days before close, after the buyer is trapped with non-refundable cash into the deal and just has to proceed. And he didn't need the new T.I.L rules to operate that way.
His prequals and preapprovals fund just about 100% of the time, all too often when the client tries to derail things with a new furniture credit line a week before closing.
Yep, I know those lenders.
That is the advantage of hiring a good agent. We often know the traps, and just like a surplus of crummy agents, there are plenty of crummy lenders.
My #1 Lender recommendation is the guy who gets the deal done after the prequal mill chosen by the buyers fumbles the ball. (You know, you can always promote 'NO Cost Mortgage' if you can never fund a loan...)
He never bumps the rate, terms, or payment a few days before close, after the buyer is trapped with non-refundable cash into the deal and just has to proceed. And he didn't need the new T.I.L rules to operate that way.
His prequals and preapprovals fund just about 100% of the time, all too often when the client tries to derail things with a new furniture credit line a week before closing.
I don't think I have ever used the lender who gave me a prequal for my mortgage. I know realtors want to see one. I know sellers want to be assured I have one. So I get one. A necessary evil in my view.
I just find it funny that something obtained so easily puts so many people's mind at ease.
I don't think I have ever used the lender who gave me a prequal for my mortgage. I know realtors want to see one. I know sellers want to be assured I have one. So I get one. A necessary evil in my view.
I just find it funny that something obtained so easily puts so many people's mind at ease.
I know! Seriously! I'm not ever going to lie, but the first letter I got to put in with an offer was based on one phone call where I just told them my income. They ran a credit check. That was it. No verification of income, no overall assessment of fiscal health, no discussion of debt...nothing.
I mean, do the math. If I had a letter like that to show my buyer's agent and I also had a bunch of lurking debt, we'd get pretty far in the process before you realized you'd wasted your time.
Status:
"Made the Retirement Run in under 12 parsecs!!!"
(set 9 days ago)
Location: Cary, NC
43,095 posts, read 76,681,954 times
Reputation: 45408
Quote:
Originally Posted by stan4
I know! Seriously! I'm not ever going to lie, but the first letter I got to put in with an offer was based on one phone call where I just told them my income. They ran a credit check. That was it. No verification of income, no overall assessment of fiscal health, no discussion of debt...nothing.
I mean, do the math. If I had a letter like that to show my buyer's agent and I also had a bunch of lurking debt, we'd get pretty far in the process before you realized you'd wasted your time.
And, I believe that. Sincerely, just from reading your stuff on CD.
But there are other folks out there with different values. I HAVE been lied to, as has anybody with any experience.
Nothing in particular about the discussion of prequals for buyers applies to any specific person in this thread. Unfortunately, it applies to a lot of folks.
Where do we think the term "Liar Loans" came from?
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