Tampa Realtors and 8000 Pound Gorillas

To all you Realtors out there…I do have a really good idea about the stuff that gets dumped on you. While we’re in the business of satisfying buyers’ and sellers’ goals, real estate agents in Florida are in the thick of the machinations of many different processes from loan officers to the termite guys.

Tampa Realtors and 8000 Pound Gorillas

Since all the great listing agents (and obviously the buyers’ agents too) stay very close in touch with the progress of the buyer’s loan, I just want to pass along a few tips (that will potentially save a deal from disintegration) if you’re dealing with an unfamiliar lender.

Regardless of the party you represent, you obviously want to make sure that the buyer has been adequately reviewed financially to minimize financing issues and go beyond the pre-qualification letter.

Questions to Ask When You Do Not Know the Lender

1. Have you pulled a tri-merged credit report?

  • When?
  • What are their scores?

2. Has Income been verified?

  • What form of documentation?
  • Paystubs, W-2s, 1099s, Tax Returns, etc.

3. Have assets been verified?

  • What form of documentation?
  • Bank statements, gift, 401k loan, family member gift

4. What type of loan are they pre-approved for?

  • Conventional, FHA, VA, or other
  • If they need mortgage insurance, have they confirmed that the loan meets the latest guidelines that are Florida-specific

5. Has the loan been run through the lender’s automatic underwriting?

  • DO, DU, LP, or Scorecard (FHA)
  • Ask for the front page of the findings to be faxed to you
  • How much are they putting down and do they need seller paid contributions?

At the end of the day, know what you need to know to avoid financing pitfalls. Stress kills…deals that is.

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