Tips to Prequalify Home Buyers

Tips to Prequalify Home Buyers

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In many areas there are a number of homes available on the market for a good price.  This, along with the lower interest rates, create the perfect opportunity for both first-time home buyers and buyers looking for more space to purchase a home.  To help you capitalize on the number of people looking for a new home, here are three things that you want to consider to prequalify home buyers to get the process going.

Know the Situation

If there are two people buying the home you will want to work with both of them from the start.  Throughout the home buying process make sure you are talking to all the parties who are involved with purchasing the home.  You do not want to begin looking for homes at a certain price range because one person has expressed that they want to, just to find out that they can’t afford it or the other buyer does not agree with their spouse.  

Asking the Right Questions

The best way to get to know the home buyers is to create a questionnaire which focuses on key financial questions.  You need to know about financial situations like employment and budget before you start looking at and discussing homes.  By having these questions prepared ahead of time you will be able to easily distribute them to the buyers.  You want to be able to give these out by e-mail, fax, or in person.  Getting these questions answered quickly and correctly allows you to get on the right path from the beginning and not waste any time.

Understanding Their Credit Score

Once you collected the financial information needed you will also need to check on the home buyers’ credit score – this will give you a better idea of what they will realistically be able to afford.  However, keep in mind that pinging the home buyers’ credit score can have an impact. Keep in mind that there are tools like ScoreApprove that will allow you to get buyers’ credit without lowering their credit score.  This website can do more than just acquire credit scores for you, serving as a great source for marketing generating possible leads.

Knowing where to start with home buyers is imperative to get off on the right foot.  To prequalify home buyers, ask the right questions  and allow yourself to help your clients begin the home buying process right.  One of the biggest time wasters is looking at home that someone will not be able to buy.

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