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How to Qualify a Buyer

All right. As you have read till here, it means you are in fact curious in Austin real estate and real estate. Keep reading, there are more details to follow.

Does your customer or client need to be pre-qualified? I am a licensed Real Estate broker and Loan officer and here is how I did it before becoming a loan officer. No matter the state; math is still math. However, an agent can only pre-qualify a person to an extent. That credit report is a BIG must. The best thing to do is refer the buyer to a lender. If you are lucky you have an in house lender. Bless your heart.
I have found that a typical person can qualify for a home that is approximately 2 1/2 times their yearly income before taxes (include spouses yearly gross income if any).
Depending on the debt to income Ratio’s of 28% or 36% and some Refinances of 45 % along with the amount of the down payment and the amount of the property you are buying or refinancing, will be the determining factor in your ability to purchase. (not to mention credit reports) you should have a beacon score of at least 675 to even qualify for a sub prime loan. Obviously higher is better. unless were talking about a different kind of scoring system, (which is a whole other article).
Qualifying ratios are:
28%= total monthly debts
36%= living expenses + long term debts.
A prudent agent will Pre-qualify a prospective buyer as soon as possible and even before showing that possible buyer properties. Any agent that does not get a pre-qual may find out later that they have not acted in the best interest of the buyer or the seller.
Now past all that. The agent has two things that he may choose from.
1. Get the financial information from the buyer them selves to do the appropriate income/expense analysis. Minus the Credit Report. (which is never a good thing)
OR
2. Refer the buyer to a lender.
The last solution is always the best. It can help to speed up the loan process, also it can help you better decide on what contingencies to present an offer to the seller and what properties the buyer should be looking at.
Another benefit to Pre-Qualifying, is that you can weed out the serious buyers from the casual lookers. although you should be nice to the casual lookers and handle them with care, , they could come back later as pre-qualified buyers. but until then do not waste al lot of your time on them.
A good way to handle this is to talk to them about what they would like, ask how interested they are and tell them that your office likes to have pre-quals before you show properties. On the other hand, if they insist, try to schedule a time that you are the least busiest to show them a property.
You may say, “Yeah but they will go some where else, and someone else, will show it to them.”
True. And if they still are not pre qualified then someone else can waste their time and you can concentrate on the real buyers.
I have had both instances happen to me. Not withstanding the fact that I have learned, quantity of time spent with a person does not reap as many benefits as the quality of time spent with the right people. And saving time by not wasting it allows for more time with real customers with real money.
You can still be nice polite and give courtesy to everyone, You just have to require the same policy for everyone.

Okey-doke. Stop being whippersnapper, comprehend it diligently to get ideal write-up which might enhance your intellectual capabilities. Your additional curiosity in this piece of article would be an added leverage for you.

Thanks for reading. I hope the articles I write help all who read them and make a decision as to whether they like them or not. Most of all I hope it helps you to make up your mind as to the direction you need to go.
Author
Kawana Barnard

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About the Author

Professional Real Estate Broker/Licensed Loan Officer
Entrepreneur/Writer

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The Listing Agent s Role in Marketing Your Home
Advertising to the Public
Every home seller likes to be assured that their listing agent and or their real estate company will run ads featuring their home. Newspaper ads range from color photo ads to lots of listings reflected on a page with primarily only copy. Classified ads featuring your home are another tool. Ads may also appear in local real estate magazines and on the Internet (ideally on several sites).
Of course, Realtors and their brokerages will run ads featuring your house, but not necessarily for the reasons the seller expects. The primary motivation for advertising is to make the telephone ring. Advertising creates phone calls and some of those callers become clients of the agents answering these calls. This builds up a pool of homebuyers looking for property in general. Multiply this by all the agents and companies who also advertise homes, and there is a large pool of homebuyers in the market at any given time all of whom have contacted a Realtor. The agents representing those homebuyers know about your home once it is listed in the Multiple Listing Service, has been on broker preview, and because your agent is also marketing directly to these agents.
Through, the Multiple Listing Service (MLS), the agents match up their clients (computer prospecting), with available homes, one of which may be yours. Realtors then show the selected homes to their clients, who ideally end up buying one. Although, ads do not typically sell your house directly, they create a pool of clients for Realtors; and one of these existing clients typically purchases your home.
Behind the Advertising Scene
When an Agent or their brokerage, advertise homes they have for sale, there is more than one objective. Certainly, the real estate office wants to generate phone calls and sell houses, but the advertising also shows other homeowners how effectively they market their listings. This impresses not only the seller, but also others who may be thinking of selling their home.
The advertising brings in more listings, which generate more ad calls, which produces more buyers . Cross selling is often how your property is sold; someone calls on one home and the agent on the line tells that buyer about yours. About 5% of the time, you and your agent will get lucky ; and someone calling on your house may actually end up buying it.
Neighborhood Announcements
When you first list your home many agents send “announcements” to all of the other houses in your neighborhood. This is typically done in the form of postcards, or letters. This too is has a double purpose: your neighbors might have friends who are looking to buy a house (but they probably would notice the for sale sign, anyway) and of course this hopefully impresses other area homeowners that might be contemplating a sale.
Open Houses
An open house can be also be helpful, but not for the reasons most homeowners think. Just like with advertising, most visitors rarely buy the house they come to look at. They usually do not even know the price of your home when they stop by they probably just followed an “Open House” sign to your door. Often, the exterior of the home appealed to them, because the home is over their budget.
An open house reminds your neighbors that your home is for sale, and offers them an opportunity to “take a look.” Hopefully your neighbors will tell friends or family members about your house, creating “word of mouth” advertising.
However, there are other reasons for conducting open houses, too. Listing agents who “farm” a particular neighborhood use them as an opportunity to meet with other local homeowners who will someday be selling their home. Most of us, Agents hope to also list your neighbor s homes in now or in the future.
Advertising to Realtors
Realtors are typically more comfortable showing clients homes that they are familiar with. The Broker s Open House is a very effective means to quickly get a large number of Realtors into your front door. These realtors are hopefully working with prequalified buyers that are looking to buy a home similar to yours. To maximize attendance, veteran Listing Agents might provide refreshments or a raffle of some sort.
Property Brochure Distribution is another way that your Listing Agent may be marketing your home to other Realtors. These services hand deliver your property brochure to each individual agent in a specific geographic area. Other top Realtors employ an Internet program to email listing cards to the top local selling agents in your community.
Because Realtors are the ones with the buyer pool , It is much more productive and beneficial when your listing agent directs most of his or her marketing efforts toward other agents. It is an easy mistake to measure your agent s effectiveness solely by counting the number of newspaper and magazine ads featuring your property. “Behind the scenes” marketing is the most effective and most difficult for the seller to measure.

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About the Author

Phyllis Harb, a California native is a Realtor/Marketing Specialist at RE/Max Tri City in La Canada, California. RE/MAX Tri-City offers additional offices in La Crescenta, Glendale, Los Feliz and Pasadena. Harb has been assisting Los Angeles County home sellers and buyers since 1989 and additionally offers over 10 years experience in real estate lending. Harb has an award winning web site @ www.RealtorHarb.com & may also be contacted at 818 790-7325.

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