Real Estate

What Should I Be Doing While Waiting For My Buyers’ Pre-Approval?

When you’re first starting out, you sometimes find yourself with questions that you’re a little embarrassed to ask. Other times, you don’t really know who to ask since you haven’t really found your footing at your new brokerage. We want to make sure you always have somewhere to turn and someone to talk to when the going gets tough. This is New Agent Lifesaver, here to help you navigate your first months as an agent.

Today’s question: What are some things I need to be doing for my buyer while waiting on pre-approval from a lender? —Anonymous (by request)

While helping your buyer is a great impulse, you need to make sure that you’re taking care of yourself and honoring your time, as well. That means making sure that you’re working with a potential buyer who is prepared to move forward with a serious process, not someone who’s wasting your time.

Make personal safety your first priority

In addition, you should not be showing homes to someone who has not been vetted to ensure your personal safety. Check with your broker to see if there are any office-specific or state-specific forms that should be kept on file for your clients. For example, some offices require buyers to list their license plate, driver’s license number, etc. to ensure agent safety before a showing or in case they go missing.

Use this time to update your CRM

While you are waiting for the client’s pre-approval, work on creating their profile in your CRM. Figure out their needs vs. wants. If the lender did a pre-qualification, they may have a tentative price range narrowed down and an idea of some target zip codes they want to be in. Schedule automatic listing alerts that fit their preliminary search criteria from your MLS.

Help them get their documents in order

Ask your favorite lenders for a checklist of the supporting items that they’ll need and send them advice about how to obtain the necessary documents. Make sure your buyers have all of their identification and bank records up to date, that they have enough savings for projected down payment and closing costs, and that they are prepared to handle a mortgage payment with their proposed budget.

Get up to speed on buyer-related paperwork

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