Home Buying in Dallas>Question Details

John Lyng, Real Estate Pro in Dallas, TX

Question for Realtors

Asked by John Lyng, Dallas, TX Sat Sep 22, 2012

What do you do with clients that come to you but are not ready for a bank loan? Issues such as lack of cash to close, credit issues, etc?

Help the community by answering this question:

Answers

5
If it's credit related I have a credit guy but my Lenders offer FHA loans that require a 580 score, Conventional require a 620 so usually credit is not an issue. I can refer you to an agent to help you find a home and a Lender or two that can get you pre approved.

Good Luck!
1 vote Thank Flag Link Sat Sep 28, 2013
Add them to my database and let them know that I'll be ready to help them find a great home as soon as they're ready to buy one. Then I'll have them consult with a knowledgeable lender to help them get on track to get the issues corrected.
1 vote Thank Flag Link Sat Sep 22, 2012
I generally ask them to talk to a couple of my favorite local lenders so that they understand their options and what they need to do to eventually qualify for a loan. I advise them to wait a while and work on savings and credit improvement. Also, I'm a big financial geek, so I've offered to help people with a budget before. The last thing I want is a client of mine not being able to make their payments after they purchase.
0 votes Thank Flag Link Sun Sep 23, 2012
Tell them we wait till they have gotten issues taken care of and saved some cash.

There is no such thing as a quick fix anymore.

Kenny
0 votes Thank Flag Link Sun Sep 23, 2012
John--what suggestions do you have for us?
0 votes Thank Flag Link Sat Sep 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer