Ready Set Sold with Bryan Vogt #28-03: Dave Hohe and Deb Rust of New American Home Loans: Why a pre-approval is the gold standard

Welcome back to Ready Set Sold I’m your host Bryan Vogt.
And we spoken last segment with Dave Hohe and Deb Rush of new American funding Dave had to get to
an appointment couldn’t make this segment here but we have Deb and that’s fantastic.
How you doing again yes that’s good one of the things I wanted to talk about and I mentioned the last segment ninety-five percent of time what we call pre-qual letter and you can talk more about that but basically it’s a 10 or 15 minute phone call with a lender usually works it’s that’s not always an issue but it’s at five and sometimes 10 percent of time that creates a problem not only for the buyers of course but for sellers for hanging onto a house for two or three weeks hoping that that buyer has the money and only to find out that they don’t have the money and that’s a real problem.
And I know they’re you know every lender is a little bit different and new American funding one of the great things that they have going for them is the fact of the speed of which they can get answers and then maybe kind of address that how you guys approach that program when you’re working with the buyer company is route as you mentioned you know most of the time when you talk similar film it got a good idea of what they make hourly and you know how many hours a week they work but there’s that occasional borrower who you know may write off a lot of expenses at tax time or you know just doesn’t this doesn’t fully comprehend you know net income versus gross income.
And that sort of thing a lot of issues too we run into a student loans you know we have to qualify them with one percent of their balance on their student loans when those students could be in deferment or completely forgiven for some people so there’s a lot of things that you know no matter how much time you spend on the phone it’s impossible to cover every you know possible scenario every question so what we like to do is you know for sure get the pre-qualification letter out to you guys so you can you know show homes and that sort of thing but before you get locked in or locked down you know on the home of their dreams and get everybody you know anticipating a closing.
We’d like to get that pre-approval started so we’ll collect the basic financials and get it in front of an underwriter I mean underwriters are here for a reason processes are here for a reason we’re loan officers or sales people are not attention to detail oriented no matter how much we want to be so there’s you know it’s good to have that set of eyes on it sooner rather than later and a lot of lenders still you don’t have that 10 to 15 days before it gets in front of an underwriter and the reality is 10 to 15 days after the contract it is too late you know so we want to get it in front of have any potential problems hammered out before you even get close to being out of inspection periods or you know crazily Ria’s or anything like that.
So we’ll just collect the tax returns upfront check for you know anything that wouldn’t be covered in our normal questionnaire and and pay stubs and look for you know all the things we’re supposed to look for and just you know hammer down the pre-qualification and make sure that you know it’s going to stick throughout the 30 days or 20 days that we’ve got to close the deal and I think that’s the important thing and there’s a lot of great information that you gave there.
But I think for buyers and for sellers the importance of again showing me the money ninety ninety-five percent of the time as Deb mentioned that pre-qual is to start and that they’re going to be able to be able to show their tax returns are going to be able to show their income and life is going to be good but those my percent times and we recently had a couple of situations in fact we’ve had we’ve heard about three or four situations where that’s actually gone the wrong way and it doesn’t help anybody it frustrates the buyers.
it definitely frustrates the sellers agents lenders it’s not where anybody wants to be at and so when you are looking to purchase and even if you’re selling your home you’re going to be purchasing at home of talking to someone like Deb Russ at new American funding and getting that information up and again the speed of which it happens I think I can’t stress that enough having been in the business now for almost two decades and this is not to pick on banks because there are some banks that can do some really good stuff and very quickly however traditionally banks have some great purposes home loans and doesn’t always mean it’s going to be their specialty and part of the problem they have is the length of time it takes to get that time a pre-approval process can take.
As you mentioned Deb weeks and we have a hot market like we got going on now guess what you’re gonna lose out on a house and so our potentially lose out on a potential sale and it just doesn’t work and that’s what I love so much about what you guys are doing the speed of what you guys are working at right absolutely yeah the longer we keep running we get paperwork and don’t make a decision on it the more problems are likely to arise so we want to get that all figured out in the beginning for everybody’s sake and that’s and that’s what we’re talking about that’s what I love with you guys you do.
We’re informational specialists that’s really what we have is to try to give you the information so that you as a buyer use a server can make decisions and that’s one of the qualities that you guys have that that makes me I think so good at what you do what I with that said we’re going to come back one last segment with Deb because there’s another topic that we want to talk about too that it has to do with we talked about sellers selling their home and so many times sellers aren’t prepared that when a hot market like this their house sells in three days it’s full price now.
What do I do so we’re going to be talking with Deb after the break listen ray said so with no flames oh dear
[Music]