New Real Estate Agents: Home Buyer Prequalification

Real Estate Training & Coaching School

Business, News, Business News, Careers

4.7 • 669 Ratings

🗓️ 4 August 2022

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to the New Real Estate Agent Mastermind. In today's real estate training and coaching session the focus is Buyer Prequalificaiton. There is a HUGE difference between a buyer who is simply wants to buy a home and a buyer who actually CAN buy a home. The fact is this new economy has changed virtually all the rules when it comes to home buyer prequalification. Watch this video and learn the top 6 things you must do to ensure your buyer not only truly wants to buy but can actually be approved to buy a home in this market. LIKE and SUBSCRIBE AND PLEASE LEAVE A COMMENT: https://bit.ly/3NXGxNb FREE REAL ESTATE SALES TRAINING AND COACHING: Enroll NOW, FREE Real Estate Coaching and Training: https://bit.ly/3aUimkh COMPLETE Show Notes and Podcasts: https://bit.ly/3twGrDX LATEST REAL ESTATE NEWS: https://bit.ly/3Obuhs2 EXP REALTY EXPLAINED: Tim and Julie Harris are one of the TOP EXP REALTY Sponsors in the world. We would love to be your sponsor at eXp Realty. Text TIM HARRIS directly to be sponsored by Tim and Julie Harris 512-758-0206. Our EXP Realty site: https://bit.ly/3NJTPwB * Completing the EXP Realty application now? Name JULIE HARRIS from Georgetown Texas as your sponsor! Watch this video: https://bit.ly/3QjYJCo and here is the application: https://bit.ly/3MKPw35 FOLLOW TIM AND JULIE HARRIS: Nations #1 Daily Real Estate Training Podcast: https://apple.co/3xJgofx YouTube: https://bit.ly/3NXGxNb Facebook: https://bit.ly/3twOBfM Instagram: https://bit.ly/3QjxdVF eXp Realty: https://bit.ly/3NJTPwB HARRIS Real Estate Coaching: https://bit.ly/3tvp0DI Our #1 international best-selling book: https://amzn.to/3tzHymr Free DISC Personality test for Realtors: https://bit.ly/3aUimkh MORE REAL ESTATE TRAINING VIDEOS YOU WILL LOVE: Peter Schiff Interview: https://bit.ly/3aXC1zN EXP Realty Explained: https://bit.ly/3mGBVyV Housing Bubble Popping?: https://bit.ly/3MK62A7 Housing Crash Survival Guide: https://bit.ly/3zxoyZD 5 Must Know Success Rules For This Market: https://bit.ly/3QeSbVv Real Estate Agent New Mortgage Rules: https://bit.ly/3zCjSld FAMOUS REAL ESTATE AGENT INTERVIEWS: 100s of interviews: https://bit.ly/3Qk85he Featuring: Fredrik Eklund: https://bit.ly/3NMDOpE Ryan Serhant: https://bit.ly/39fx6tx Jade Mills: https://bit.ly/3tvZQVC WHO ARE TIM AND JULIE HARRIS?: https://bit.ly/3mGOWbU "Our real estate journey began 30 years ago and we knew early on that we wanted to share our playbook to success. We've had the pleasure of transforming thousands of careers achieving success and financial freedom. We know what it takes and we're looking forward to meeting you so we can jumpstart your growth!" AWARDS: #1 Coaches in the Business by Inman #1 Podcast for Real Estate by FitSmall Business. #1 Residential Real Estate Podcast Motley Fool #1 Best Selling Real Estate Book: 500+ 5 Star Reviews, HARRIS Rules. amzn.to/3tzHymr EXP Realty Top .05% eXp Influencer. Alpha Group EXP Realty Copyright 2022, All Rights Reserved Tim & Julie Harris® Real Estate Coaching exp realty teams brokers exp realty coaching exp explained real estate investing

Transcript

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0:00.0	Hi, and welcome back to your new agent mastermind.
0:10.0	I'm Julie Harris, your host for today's quick conversation about how do you know if your
0:16.0	buyer is actually qualified to buy?
0:18.0	You're about to go show a bunch of property, you're going to spend money on gas, You're going to set up showings. How do you know if they are ready to actually do
0:25.4	something? Well, there's three different things you need to know about. We're going to talk about
0:29.0	really quickly. What is the difference between being pre-qualified, pre-approved, and loan committed?
0:36.5	There are some very specific differences. Now, pre-qualify is easy
0:40.1	to understand because it's really just a conversation. You or I or anybody can just call up a lender.
0:46.0	Maybe I saw an ad in the paper or there was a pop-up on my Facebook page this morning. And I saw
0:50.5	an interest rate I liked. And I call that lender and the lender says, tell me about your
0:54.8	work. Tell me about, you know, how much money do you make and what do you think about your credit
0:58.9	and about how much money do you think maybe you'd like to spend. And they have a little conversation
1:03.3	and the lender says, well, it sounds like you should be able to spend up to 550,000, for example. Okay, and that buyer ends the phone call and says, I'm excited,
1:13.1	I'm going to go hit the internet and I want to see property right now. And they think, because it's
1:18.0	not the buyer's job to really know the difference, I'm already pre-approved when in fact they're just
1:22.9	pre-qualified. So what's the difference? Being pre-approved means that they've actually made loan application,
1:29.4	that the lender has actually run their credit not just once, not just a little overview,
1:34.1	but in the three credit bureaus, Equifax, Experian, and TransUnion, because those three scores
1:39.1	will virtually never agree. The ratios have been checked and are okay for what the buyer's trying to accomplish.
1:45.4	Their employment, they don't just say that I work at ABC company. There's actually been an
1:49.8	employment verification. They've stated their income. They've probably given tax returns as
1:54.5	part of their application. Their down payment has been verified. It actually is in existence,
	...

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