Five years ago when a potential buyer called requesting a showing of one listings I didn’t ask if he was pre-approved for a loan. I just scheduled the appointment and showed him the Spring Texas home I had for sale. Then if he liked the home, I told him the next thing we needed to do was get him pre-approved for a loan.
Loan pre-approval was after thought because it seemed as if the lenders were approving anyone and everyone. I even joked if you could fog up a mirror (meaning you were still alive and breathing), you would get approved for a loan. Loan documentation that was not a problem either because there were no documentation loans.
Fast forward to 2010 and onto 2011 and the pendulum has drastically swung the other direction. It is now much more difficult for potential buyers to get home loans. Exactly how much more difficult?? According to a recent Wall Street Journal article that analyzed the 10 largest mortgage originators’ data for 2010, the national average was 27% of all mortgage applications were denied. In Texas, the loan denial rate was over 35% for 2010.
Due to the higher loan denial rate, I had to change the way I run my real estate business. I can’t run out and show Spring Texas homes to unapproved buyers anymore. I know some buyers don’t like the change. But I just can’t take the risk of potentially wasting my time showing a house to someone who may not be able to get approved for a loan.
My family and I have moved many times and have had several realtors in various locations. Jill Wente is hands... read moreMy family and I have moved many times and have had several realtors in various locations. Jill Wente is hands down the best real estate agent in Spring Texas and certainly the best we have ever used. She has represented us as a buyer and seller and then most recently a buyer again the Spring TX area. She helped us figure out what would fit our needs today and what our needs would be 5 and 10 years from now. She was always thinking about future resale value and guided us in the process of making a wise financial decision. She negotiated hard for us and treated our money as if it was her money. She was always available and worked around our schedule. If you are looking for someone with unparalleled knowledge of the Spring TX area look no further, she’s the one you want on your side. I LOVE our new home but if I ever move again, Jill Wente will be who I call. read less