How the Realtor Can Get The Most Out of the First Time Homebuyer Loan Specialist

All loan officers who specializes in first time home buyer financing will tell you that they seem to close a lot more first-time buyers with some agents than others. From my own experience of working with quite a number of agents as a first time buyer financing specialist, let me provide the following tips to help agents do the best job for the highest numbers of first time buyers: 

-          Develop deep relationships with your first time home buyers very quickly. From my experience, the level of relationship that the agent has developed with the first time home buyer before they ever talk to me is the number one indicator of whether of not this transaction will close. 

-          Ask these three basic financial qualifying questions to the first time home buyer at the very beginning of the process. The questions are: (1) What are your pre-tax earnings?  (2) How much are your minimum monthly debt payments? (3) Overall, how is your credit? 

-          Learn about basic qualifying red flags. For example, if a first time home buyer has been working in a field for less than two years, you probably cannot use that income to qualify. Another example – If a husband and wife have both just purchased new cars, their debt ratio is probably blown. 

-          Be realistic. A first time home buyer with $50,000 annual income can’t buy a $400,000 property. Ain’t gonna happen.  

-          Follow up regularly with your first time home buyer prospects. If you go a couple days without taking to your prospect, you’re chances of closing are slipping away. 

-          Get the first time home buyer to sign an exclusive agency agreement. Only a minority of buyer’s agents do this. Judging from the number of first time home buyer transactions that I have seen agents lose, it seems to be a big mistake to not get this.  

Any agent that will begin implementing all of these steps when working with first time home buyers in San Diego County will close more transactions than before. I absolutely guarantee it.

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