Have the Right to Substitute Your Lender #93


Hi! It’s Lou Brown. I’m back with another
of my 101 cash flow accelerators helping you to build an amazing real estate business.
And one of the things I’ve learned over the years is that different mortgage brokers have
different lenders. And many times if my client is getting their own mortgage broker or lender,
they might be turned down for the loan and that cuts me out of a sale. Well, I’ve discovered
that if I go ahead and put in my agreement that, that seller has the right to substitute
a lender for the buyer, if they’re turned down for the loan, then I could even substitute
myself as the lender if they were turned down. You know, sometimes guidelines, they honestly,
over the years, I’m over 40 years in the business of buying, selling and holding property and
guidelines fluctuate. They go up and down, they contract, they constrict, they expand
and it’s something that you need to be aware of that all mortgage brokers are not created
equally. And all lenders are not created equally. They have different markets that they sell
their loans to. And so, I have access to a great thing, we can call it our Mortgage Wiz.
And our Mortgage Wiz is in touch with a lot of lenders that others are not in touch with.
And also remember that you can substitute yourself as the lender. Perhaps there needs
to be a period of time. Perhaps there’s a credit blemish. And it would take only 6 to
12 maybe up to 24 months to get their credit straightened out so that they could get a
traditional loan. Well I’m happy to substitute myself, particularly when I can save a lot
of the costs to sell in a transaction. So hopefully that’s a benefit to you. Have
the right to substitute a lender if they are turned down for a loan. Or alternatively,
like I say, offer a lender up front that they should work with. And that would be our Mortgage
Wiz. Hopefully this is helpful to you. I want to help you build an amazing business. Check
us out. StreetSmartInvestor.com. Yeah, baby!

Leave a Reply

Your email address will not be published. Required fields are marked *