Sometimes its important to give advice that isn't what your client wants to hear. Recently I was contacted by newlyweds that declared they were ready to make an offer on a home and they wanted my help.
It was a nice home, fully updated. Large with 5 bedrooms and 2 baths. I asked why the large home? They wanted the extra bedrooms for the time when they started their family. They offered that was probably a few years away.
Are you working with a lender? Do you know how much home you can buy? Yes, they had spoken on the phone with a friend who is a lender and she said they could buy a home for up to $450,000. The home they wanted was listed for $350,000 and they wanted to make a full price offer. Given that market conditions in the city where they live strongly favor sellers I told them their offer was a good one. "There's just one thing," I added. "Being completely pre-approved with desktop underwriting will make your offer even stronger."
I was happy they took my advice and worked with their lender to supply pay stubs, tax returns and other documentation that gave their lender everything she needed. It turns out that with hefty student loans, car payments and other expenses they were approved for up to $375,000. Soon they were touring homes again. I am confident that it won't be long before they find their first home.
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