OfflineHi DG family!
i hope everybody had a good start with a new 2010 year and i know this year doing real estate will change my life and yours forever. Today i got a call from my good friend who is in a real estate business as well. He found a buyer who is willing to spend about $130,000 on his house, area mid to higher class, however, he didn't specify the size of the house he is looking for. The problem is, he wants to get a mortgage on his home and one of the banks denied him. What should we do next, should we start looking for more passionate mortgage brokers who would be willing to work with us or should we talk with a realtor first?
If anyone have any suggestions please comment on this forum
Thank you!
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Hey, congrats! (and thanks for the nice PM note and link)
You need to make sure you "screen" the buyer to see if they are in the position to purchase a house. First, it's unclear where the $130K number came from if he has not been pre-approved for that amount. You could sure direct him to a good mortgage broker and encourage him to check into several lenders to see what he actually qualifies for. You want to know your end buyer has funds available before locking something up for him. If he DOESN'T qualify for financing, you can always try to lock up a seller-financed property or a lease/option for him. Make sure you are in the process of lining up other buyers at the same time. You don't want to limit yourself to only one resource at a time. The more you have in place, the more deals you can be certain of closing.
Congratulations on taking action! You are on your way!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249