Buyer Objection: I Know I Can Qualify

You’re generally going to hear an objection like this: Well, I don’t want to talk to a lender yet. I know I can qualify for a mortgage. Now, if you say yes to that buyer prospect, you could take them out and you can show them 20 or 30 homes, narrow it down to the one that they want to buy. Then it’s a mad dash to get the financing in place. And oftentimes you’re going to hear that they can’t qualify for a mortgage rather than wasting your time. Here’s what I’d encourage you to do. Start this line of questioning by asking, are you paying cash or obtaining financing? Only two answers to that, right? But will need financing. Well, fantastic. Have you been pre-approved at this time?

And do you have a lenders letter that you could send to me? Well, no, we haven’t. In fact, I’m certain I can qualify for a mortgage. I don’t need to talk to them, but I certainly understand where you’re coming from yet. Let me place you in the seller’s shoes, just for a moment. And let’s assume that you were just notified by your employer. They are being relocated to Los Angeles and you need to be there in three weeks. So the first thing that you do is you call your real realtor and you say, listen, I need to sell this house and I need to sell it fast. So he ended up listing below fair market value for quick sale. Now, the first day on the market, you receive two offers. The first offer, it’s an all cash deal. They can close within three weeks and it’s $3,000 below your request for friends.

Now, the second offer comes. If they heard about the first offer, they really want your house. So they’ve offered you $5,000 more than your request price. Yet that buyer hasn’t been to seal them heck even their real estate agent doesn’t know if they can qualify, knowing that you have to be there in three weeks. You’re under time pressure, which offer are you going to take the share deal for cash? Are you going to take a chance for an extra $8,000 hoping that they can qualify? It’s a sure deal for cash. Is it not? See? I want you to recognize that once you get your pre-approval, your underwritten approval in place, essence, that turns you into a cash buyer and you do want to get the best price on the home purchase. Don’t you? So let’s do the right thing. Let’s I’m going to have my lender.

Just give you a call. They’re going to fill up the 10 of three. They’re going to pull your credit report. They’re going to tell you exactly what your mortgage amount is going to be. Plus I consider it my job to save you money. Every chance I get, see this lender has consistently beat out other lenders in terms of closing costs and interest rates, and even an 8% difference in interest rate. Well, that could add up to tens of thousands of dollars over a 30 year mortgage. So tell me, when is the best time for my lender to give you a call? Is it weekdays weekends or in the next 15 minutes?