FHA, Julie Harris, VA discussed on Real Estate Coaching Radio
The drill down on their seller maybe they really don't know what the sellers hot buttons, and in that case, you're going to be a little bit operating on you know a deficit but get as much information as possible and don't be surprised at all that the other perspective competing. Buyer offers did not even bother to speak with the seller at the very least what you've done is you've gotten the seller to the listing agent to realize that you're nice easy to work with person because from Melissa agents perspective if they don't have a buyer for the property themselves, one of their greatest motivations who's going to get them paid the quickest let's be honest and who's who's going to be the easiest to work with whether they like you. So there's another little way for you to champion the listing agent to be to be your advocate when they're looking through the. Swimming they have multiple offers point number four Julie Harris. Yes. That's right. So back lending for a second if you are trying to compete and you're using an fha loan or a va loan and there's anybody who's even just conventional, you're probably GONNA lose. Because the stigma around it having low money down maybe being risky have lower ratios. Most people know that okay and if they don't, it's easy to go and find out should I take fha conventional so try to convert your Fha va buyers because most of the time they're doing those loans because they have low money down now let's be very careful in this. This is more advanced lender information the lenders usually. So lenders get money based on. The back end of the line, that's how they make their commission and ready for this listeners. Some of the government backed loans are the most profitable to the lenders but some of the government backed loans are also most onerous to the sellers in other words and frankly that sellers if they have a listing agent, that's a little bit educated is going to prefer accepting an offer assuming there's financing on an from a borrower is not using fha. Financing. Now, here's where the GOTCHA comes in. Sometimes your F-, your lender will flip the borrower. Qualify for conventional to fha. And that's going to make it through your borrower. Your buyer bar then becomes less competitive in the eyes of the listing agent in the marketplace. Very careful on that, there is a fha Da appraisal and that's going to happen on properties that will kill deals other can of worms right people live in fear that listing agents hate fha appraisal rate because the appraiser actually has about as much control as a home inspector does to say actually more they do lender and that gets assigned to that house forever. It's like a sort of Damocles. I think it's a year or six months no right..