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Tomas Rivera's Blog

By Tomas Rivera | Agent in Brooklyn, NY

How does a Great agent prevent a deal from falling through?

Simply pre-qualify them first. Ask them for the following information - how much is their down payment, mortgage approval (No Pre-Qualifications), their credit report, and their lawyer’s information.

A great buyer will put down more than 25%. Good buyer will put down 15% and bad buyer is 5%.
The higher the number the more secure the deal becomes.

A Key point to fathom - the more information you gather the better off you are. Knowledge is Power - it’s an old cliché, but it’s a fact.

Comments

By J Douglas Montgomery,  Sat Mar 7 2009, 20:49
Thomas,

There are lots of good buyers putting down 5%, FHA Financing... Because HUD went through their shakeout 7-8 years ago, they are full steam ahead financing.... Conventional is of course a differnt animal at this point.

Douglas Montgomery, Broker
Home NY Corp.
By Nervous New Agent,  Sat Mar 7 2009, 20:51
I am trying to get my buyers to make offers over list and pay cash. I think this will help. Plus, 50% earnest money too. Is this a good idea? The one I have now says it might be too much and they think prices might go down....?!? I need some help!! Any ideas? -NNA
By Ralph Windschuh,  Mon Mar 9 2009, 06:20
Hey NNA, great comment! I hope you're trying to be funny. "Bad" buyers?! Whew! How many buyers can you find to put 25% down these days!? I'd sell about 1/2 house per year with that!

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