Chapter 67 Taking the Mortgage Application—Where?

Few will share their money freely; yet most will grant far more time than is wise to things which are far from wise.

Hand wrapped firmly around a $20.00 bill in our pocket we invest our most precious thing – time – in what? Money is easily replaced, whereas time… we don’t know if we’ve anything more than this very moment right now ahead of us – yet which do we squander and which do we hoard?

Why?

Bucket #3

The first two groups are actionable, group #1 was in high gear and ready to go on the opening call and group #2 wanted a day to gather their docs – and they did so.

Group 3 is where things get a bit more tricky, this group wants ‘time to think about it’ – and really; what’s to think about?

Y’all buyin’ a place or not already?

OK, sure – wanting to think it over sounds reasonable. But you need to tune into this red flag, the details matter. Often this is a couple, and one party did all the talking, while the other sat in silence, perhaps even defiance, and now wants to ‘think about it‘.

What’s really happening here?

Potentially a few things;

  1. One party already has a foot out the door (of the relationship), and will stall the mortgage process over and over because they know they should not buy a property with someone they are going to be breaking up with.
  2. One party has a major credit issue, either in the past or worse – currently. And it’s a secret mess. They have not let on at all to their partner, they’ve waited for ‘the right time‘ and it’s never come.
  3. One party is painfully analytical, their profession gives them away, and they just cannot commit to taking action without another year of market analysis. They’ve spreadsheets, many many many spreadsheets, dating back a decade or more – showing how it’s never been the right time to buy, not 10yrs ago and not today… maybe next year. Maybe.

This group is potentially actionable – my advice is don’t chase them to the ends of the earth though.

Add them to your blog, your email list, a marketing campaign – whatever you have going.

Follow up politely three times over a ten day period or so, perhaps even a fourth or fifth time. Set a number and build a follow up series of well scripted emails and then stop. They may return, they may not.

In my experience 1 in 5 of these clients get their application together. The ‘I gotta think about it’ crowd prove over and over again to be the toughest to get across the finish line and complete a transaction with as well. So even if they return with an offer, and with docs…

Be wary.

And always operate based on optimism.

Never give up once you are in the game.

But follow up according to a strict formula.

If you get no response, just let them go.

Keep your energy focused on serving groups #1 and #2 with the utmost speed and skill.

DW