Ok, we have covered  Residential, Employment and Credit Histories.  Isn’t it nice to have some information that will help your home buyers with their questions?  How do you think you will look in their eyes?  What kind of confidence do you think you have built with your buyers on their journey to purchasing real estate from YOU?  I would say you have a long term relationship because you have made an effort to give them some answers that they can walk away with as they are searching for a lender. 

Now let’s move on to the next issue.  Assets.  What are they?  How do we get them?  How do we use them?  

• The More, The Better

     Everyone at this time of their life, when they are purchasing real estate, has a checking and or savings account.  Checking and savings is a history of your daily life and what your standards are for the future.      Stocks, bonds and mutual funds show a level of interest in your future.  Along with that is how you are handling your retirement.  So any items such as 401Ks or Pensions are solid assets.      And what about emergencies?  There should be some sort of insurance to cover the buyer and their family for those unexpected events in any one’s life.  Life insurance and it’s cash value is also an asset.      In some cases, families will help out members with a “gift”.  Now that will need to be verified, which is not a problem, but it is also considered an asset for your buyer to purchase their home.      Then have your buyer think about what they own already.  Do they have vehicles, boats, personal property, saving bonds?  Then they can add these to their list of assets.         

• Funds Declared Must Be Evidenced

And of the funds that your client wants to claim, there would need to be some sort of evidence or verification or proof of those funds.  This is really not a difficult thing for your home buyer to provide.  We all get statements from our places that we save or invest with.  Also, in this time and age we can go online and print out statements.  There may need to be more “official” verification and that is to have a teller stamp on whatever account that the buyer has printed for them by their bank.  In other words, the better and more official evidence the buyer has of their declared funds the better it will be for them when they are sitting in front of a lender. 

·                     Two Months of Availability              Why two months?  Some lenders feel that a 60 day period will show a good representation of what the home buyer is like is their responsibility of spending.   

So when your home buyer comes into your office with some of these questions, you as a Top Producing Realtor®, can give some common and not so common information that will help them.  By giving your home buyers this information you have created a trusted and long term relationship.  And those long term trusted relationships are the building blocks of your business. 

We will wrap up next time with some miscellaneous information and what your home buyer can expect at the lenders office. 

This entry was posted on Tuesday, February 27th, 2007 at 7:26 am and is filed under Real Estate Books, Virtual Assistant Websites. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.