Stop Losing Deals to Financing Issues: A Realtor's Guide to Mortgage | Ep. 473

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D.O. serves up a heaping dose of reality for realtors who think they can skate by without understanding the basics of home financing. With the finesse of a bull in a china shop and the wisdom of a grizzled mortgage veteran, he breaks down the five things every realtor needs to know if they want to stop fumbling deals and start closing like a boss.

Key points from this reality check include:

🏩 The Condo Curse: D.O. explains why the word "condo" should make realtors break out in a cold sweat. He dishes on the difference between warrantable and non-warrantable condos, and why realtors need to partner with lenders who actually know what they're doing in this minefield of financing.

😲 The Self-Employed Struggle: With the tact of a sledgehammer, D.O. reminds realtors that just because a client rolls up in a Tesla doesn't mean they can prove their income. He breaks down why self-employed borrowers need special handling and why realtors shouldn't assume anything about their ability to qualify for a mortgage.

👉 The Blessed Day Curse: In a moment of brutal honesty (and potentially questionable stereotyping), D.O. reveals why clients who sign off emails with "have a blessed day" might be more likely to have credit challenges. It's a reminder that realtors need to be prepared for anything and everything when it comes to client finances.

⭐️ The Art of The Ask: D.O. provides a masterclass in how to ask clients about their financing plans without making cash buyers feel like ballers or mortgage-seekers feel like paupers. It's all about finesse, folks.

🎓 The Pre-Approval Truth Bomb: With the subtlety of a freight train, D.O. explains why a 15-minute pre-qualification is worth about as much as the paper it's printed on. He breaks down why real pre-approvals take time and why realtors need to understand the difference if they want to avoid egg on their face when deals fall apart.

Throughout this eye-opening session, D.O. manages to balance harsh truths with practical advice. He emphasizes the importance of realtors building strong relationships with knowledgeable lenders, understanding the basics of mortgage financing, and being prepared for the curveballs that inevitably come with the home buying process.

This episode is a must-listen for any realtor who's ever felt like a deer in headlights when a client starts asking about FHA loans or debt-to-income ratios. It's like a crash course in Mortgages 101, but with more sarcasm and real-world examples.

D.O.'s message is clear: in today's competitive real estate market, being a great salesperson isn't enough. Realtors who want to succeed need to be able to guide their clients through the entire home buying process, including the often confusing world of mortgage financing. It's time to step up, learn the basics, and become the kind of realtor who can close deals in their sleep.

#theloanofficerpodcast #tlop #realtortips

00:00 The Condo Conundrum and Other Red Flags
10:00 Self-Employed Borrowers and Credit Surprises
20:00 The Art of Asking About Financing Without Offending
30:00 The Truth About Pre-Approvals and Why They Matter