Owning a home is still the American dream, but how many buyers are willing to make (and/or capable of) the actual hard sacrifices to get one?
The key to your success is determining which buyers “are real” and which are “just (fantasy) shopping.”
Many agents (privately) complain they’ve “had their chain pulled” (almost always by friends or family members) repeatedly by buyers who get the “itch” and “just start looking.”
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If you have a relative or a member of your social group who fits this profile, you are in a precarious “no-win” situation.
If you don’t “humor” them, you run the risk of them bad-mouthing to others in your family /social groups.
If you try to facilitate them, you waste time, gas, and marketing budgets, and you lose commissions that could have been earned by working with other buyers.
The best judge of whether a buyer is serious is how they BEHAVE..NOT what they TELL YOU; so begin to notice their habits so you can prioritize which buyers are the most important.
Many behaviors seem small and nondescript until the costs are projected over 1, 2, or even 3 years, which is required to save for an adequate (large) down payment.
Signs of Serious Buyers
1. Borrowers are making the right financial strides!
They have already started saving toward a down payment, and after receiving a gift from a relative(s), they have a significant cash influx (inheritance-tax return-bonus).
2. Borrowers have a firm budget!
Borrowers need to know what they can afford. This will allow buyers to purchase a home they would otherwise think they can’t afford.
3. Borrowers are realizing what they want!
The greater the degree of commitment, the more buyers are focused on specifics such as tracts, school districts, or commutes!
4. Borrowers are willing to focus on “house specific features” they require!
As buyers get closer to committing, they prioritize what they need, not what they want. Three bedrooms, two bathrooms, and an attached garage are “needs.”
A “want would” be high-end fixtures, granite counter tops or a wine cellar.
5. And lastly, borrowers are toning down expectations!
The final sign that borrowers are ready to take the big step is when they realize “there is no such thing as a perfect house” and instead realize “this is the place where I want/ need to live.”
Signs of “Unsuccessful Buyers”
1) They spend more than they earn every month.
2) Are too busy to budget and track income and expenses.
3) Always have large wads of cash in their wallet.
4) Are impulsive shoppers.
5) Hate the idea of paying bills online.
6) Plays the lottery habitually.
7) Use credit card convenience checks.
8) Never reads the fine print before “signing on the dotted line”.
9) Eats out frequently.
10) Has a budget — but never follows it.
11) Doesn’t use coupons or Internet promotional codes.
12) Financially disorganized
13) Uses credit cards (vs. debit cards).
14) Counts on a big inheritance or family gift for the down payment.
15) Prefers making the min. credit card payments each month.
16) Buys new cars — every few years.
17) Smokes, uses hard drugs, or gambles.
18) Never check credit reports for errors (or at least until they have written an offer for a home).
19) Hates comparison shopping.
20) Think credit cards are for emergency funds.
21) Stuffs unopened bills in a drawer.
22) Tries to keep up with the Joneses.
23) Doesn’t run a household like a business.
24) “Chronic” legal issues (i.e., DUIs)
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Copywrite © August, 2018 Daniel Dobbs MHM Mortgage /// All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, addressed “Attention: Daniel Dobbs, Author- VP-Broker Mutual Home Mortgage 265 S. Randolph #120 Brea, Ca. 92821 Cell: 949 250-3981 Dandobbs6@gmail.com NMLS #307631 BRE #00986886