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.
Jill made me feel like we were genuinely in the BEST of hands for the duration of our home sale!... read moreJill made me feel like we were genuinely in the BEST of hands for the duration of our home sale! She is absolutely incredible at her job and we never had to worry about anything because the second we begun to wonder about anything, she already had an email or text on the way to put our minds to rest. :) I really cannot thank her enough for the amazing job she did with selling my first house. I always felt like she made my husband and I a high priority and I am beyond elated with the impeccable work she did for us to sell our home at full asking price--and SO quickly! Her marketing strategy was for our home was brilliant, the photos she took were exquisite, and her patience with me during this new process was really admirable. I asked many, many questions since I had not sold a home before and I was humbled by the amount of generous time she spent solely answering my lengthy list of questions. Thank you Jill. You are the BEST realtor. We are so grateful for you! read less