In this day and age, home sales have become more difficult. Buyers, when you have them, are faced with obstacles like mortgage program changes, credit challenges, lack of funds for down payments, and so forth. So, their calls become buried in your message pads. You’ve scribbled a few notes and one of the notes says 550 credit score or something similar. “Call me back when you have gotten up to 620 and I can help you,” you say. “There is no hope of helping you,” you think to yourself. And so, you have forgotten about them. Yet, some end up buying homes….from someone else!
Depending on what the makeup of the credit score is, you could be dismissing a potential buyer who is closer to being ready than you think. I don’t know about you, but I like reaching into a pants pocket of a pair I haven’t worn in awhile and finding money I had forgotten about. As a mortgage professional, I look at all the tools at my disposal. And that includes working with people who don’t think they can buy a home. Many of whom were discouraged by another lender. Some of the old messages on your message pad may be like found money. If you know what to do with them.
One thing I suggest to all of my prospective clients is to go to www.optoutprescreen.com . By opting out of receiving credit offers in the mail, a prospective buyer can increase their score by 3-20 points. Rapidly. Do you think any of those old messages have value now? Another is to get credit card balances in line with credit limits. A tool I have at my disposal allows me to look at “what if” scenarios with clients to see how credit scores will be affected by certain actions. Having somebody to refer those clients to who are not yet ready to buy is an investment vehicle that can result in more home sales for you. With my first mortgage loan having been written in 1981, I have the experience to be that somebody