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How to handle homebuyers who don’t qualify for a mortgage

07/05/2017

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While widespread inventory shortages may lower a client’s chance of finding their dream home today, poor credit can take this opportunity off the table altogether. According to Experian’s latest compilation of credit profiles, the U.S. average score is 687, well under the 741 average had by mortgage borrowers in Q1 2017. The homebuying process can be a grueling one not only for you as a real estate agent, but for your clients as well. The end result — a new home and launchpad to building wealth — oftentimes more than makes up for the nerve-wrecking loan approval process, endless home searching, self-negotiations, doubt and frustration along the way. But what happens when you can’t get your clients passed the loan approval? Many agents are able to qualify buyers before the first showing, which is ideal but not always possible. Chicago agent Mark Quesada says, “This is not an option with 30 to 40 percent of my leads: I have an agreement that I will meet them in person and s…

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