A lot of factors outside of a buyer's control can contribute to this happening, but the one thing that IS under a buyer's control is choosing when to make an offer. We can't say this loud enough: Don't wait!
Last year, we talked about a day when Desktop Appraisals, or something similar, would become a permanent part of mortgage lending guidelines, and now it has! We discuss the upcoming timeline and what this means for your customers in our latest video!
How can you tell if a buyer is qualified for a home loan before you agree to show them property? A pre-approval from a local lender is the only way to tell for sure, but there are a few questions that will lead you in the right direction before they consult with their lender.
REALTORS: Join me for my first mortgage education webinar of 2021 - my popular Back to Basics: Mortgage Lending 101 course. Learn everything you'll need to know about mortgage lending and nothing you don't!
Appraisal Waivers & Automated Underwriting in 2021
In 2020, COVID-19 really threw a wrench in the traditional lending process, but our industry is resilient and adapted accordingly. We were granted appraisal waivers on 20% of our purchase transactions in 2021. That’s 20% of transactions that didn’t need an appraisal report of any kind!