For Sale by Owner: Engage with a Lender and Save
- Jun. 13, 2017
- Rachel Scott
- Personal Finance
When you choose the “for sale by owner” (FSBO) route, you stand to save a substantial amount of money by not having to pay a Real Estate Agent commission. Since you’ll be performing all of the tasks a Real Estate Agent would, it helps to start thinking like an agent. That involves looking beyond the marketing and pricing of your home and thinking about the entire transaction; how to make it efficient, remove surprises along the way, and get the deal closed as quickly as possible.
Easing the Way with a Lender
Real Estate Agents do more than help their sellers set a price and conduct showings, they also help ensure the right buyers see the homes they are marketing. While you want as many potential buyers as possible to schedule showings and attend your open houses, you’ll want to spend the most time with the buyers who have at least been preapproved for a mortgage. These are the individuals most likely to succeed in maintaining Escrow and completing their purchase. Without a lender among your resources, you’ll have no way to discern qualified buyers from unqualified shoppers, so engaging with a lender could help you save time in this area.
If your potential homebuyers aren’t working with a lender, you can make referrals and be a resource to shoppers interested in buying your home. Many Real Estate Agents will display business cards or brochures for Loan Officers at their open houses, or invite a Loan Officer to be present to answer any questions prospective buyers might have about the best way to finance the home.
When a buyer sees the presence of a reputable lender like New American Funding, they’ll feel reassured about a fast, smooth process purchasing your home with a lender who specializes in FSBO transactions. They also gain access to a wide range of educational materials and personalized service offered by a trusted home loan provider. Your buyers can begin working with a knowledgeable loan consultant who will take the time to get to know their individual situation and recommend a loan program accordingly.
Having a Loan Officer on your team, the same way a Real Estate Agent would, can also support your marketing efforts. A Loan Officer may send potential buyers your way, and will be able to help your shoppers get a fully underwritten preapproval in less than 48 hours.
Choosing a For Sale by Owner Lender
In addition to accepting applications, good Loan Officers look at a homebuyer’s finances and intentions to advise them on the right loan product for their situation. They also gather the documentation needed to get mortgages approved and make sure both the lending and approval processes keep moving toward a quick settlement. At settlement, they may even be able to help you save on your Title and Escrow fees. During the application and review process, a Loan Officer typically keeps a Real Estate Agent, or in the case of a FSBO sale, the owner apprised of the applicant’s progress toward a successful closing.
With a Loan Officer involved in selling your own home, you can help avoid interruptions to the selling process, and save both time and money. When selling your home on your own, you need all the advantages you can get. Having a New American Funding Loan Officer on your team, is one of them.
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