Texas Real Estate Bible Podcast
About This Show
This podcast, hosted by Kevin Scott and Houston agents Karen Scott and Gil McCollin, confront why real estate agents are ranked somewhere between used car salesman and prostitute when it comes to honesty and trustworthiness.
We explore the reasons behind this phenomenon and in the process construct the 10 Commandments for real estate agents. In the process, we are sharing with the world our business religion in the hopes of finding like-minded agents and clients as an audience.
Most Recent Episode
019: Buyer Commandment 3 - Thou Shalt Obtain A Pre Qualification Before Shopping For A Home
7 days ago
Jen and Mike finally made the decision to stop being renters and become homeowners. They were excited! They both knew they had great credit since they checked their credit rating with a free credit reporting service, so they called an agent and started shopping. They saw some great houses, and some not so great houses. In all, they went to 30 different properties before they found THE ONE. It was perfect. Great curb appeal, great school district, close to work, and had more than enough room for their growing family. The kitchen and the living spaces were exactly what Jen had always dreamed of, and Mike could already see himself relaxing in the built in man-cave. Before putting in their offer, they calculated for themselves what the loan payment would be and decided that it would be a stretch, but it would be worth it! So they put in their offer, and after a little negotiation, they agreed on a purchase price of $350,000. They took their executed contract to their local bank where they'd been customers for years, and put in their mortgage application. They went back to their apartment and immediately started boxing up their things. Sure, it would be several weeks before they would actually move, but they were excited! A few days later, Jen's phone rang. It was Chris, their Loan Officer. "Jen" he began, "I'm not sure how to break this to you so I'll just say it - you and Mike can't qualify for the loan on the house." "How can that be? We both have great credit, we both have full time jobs!" "That's all true, but there's a lot more to your financial picture than good credit and employment. I'm afraid the best you can qualify for based on the information in your application is a $300,000 purchase price." This is a scene that plays out far more often than most people realize, and when it does happen, it's crushing for the people in Jen and Mike's shoes. Not only have they wasted a lot of time looking for and falling in love with a house they can't afford, but they also will have their perceptions of all of the future houses they CAN afford tainted by the experience. This is why it's so important to contact a Loan Officer before beginning your home search. In this episode, we welcome Clay Bohannan, Senior Loan Originator and Partner at Encompass Lending Group as a guest host. With Clay, we