The PennZone

WAYNE, Pa. - PennZone -- After approximately 40 years in real estate, Brett Furman has reviewed thousands of purchase offers and countless mortgage prequalification letters. Recently, however, some of those letters began looking different. They were coming from unfamiliar online mortgage companies and technology-driven platforms, and while the buyers appeared qualified on paper, Furman began wondering how much of their financial information had actually been reviewed before the letters were issued.

Rather than simply speculate, Furman decided to investigate the process himself. He researched several online mortgage platforms and went through portions of the consumer experience as though he were a prospective homebuyer. What he found raised questions about the difference between gathering basic information and actually verifying a buyer's financial ability to obtain a mortgage.

"In some cases, I expected more financial qualification and what I felt I was experiencing was closer to lead generation," Furman said. "The initial questions could be very basic: What is your credit score? What is your income? Then provide your contact information. As a listing broker, I want to understand what happened between those answers and the letter telling my seller that the buyer is qualified."

Furman stresses that online and technology-assisted mortgage companies vary widely, and many use sophisticated systems and experienced mortgage professionals to verify borrower information. His concern is not with technology itself. It is that sellers and their agents may assume every prequalification letter represents the same level of financial review when that may not always be the case.

A $250,000 INCOME MAY NOT MEAN $250,000 OF QUALIFYING INCOME

Furman says one of the lessons he has learned during four decades in real estate is that the headline income number rarely tells the entire financial story. A buyer may report earning $250,000 per year, but mortgage qualification can depend heavily on how that income is earned and whether it can be documented.

For example, a buyer's income might include base salary, bonuses, commissions, overtime, self-employment income or earnings from a second job. Each of those sources can be treated differently during mortgage underwriting. The buyer's debt obligations, down payment source, available assets and employment history may also affect the final lending decision.

"The computer may ask, 'What is your income?'" Furman said. "After 40 years, my reaction is, 'What makes up that income?' Those can be two very different things."

Mortgage underwriting guidelines often require a documented history before certain types of variable income can be fully considered. That distinction may never be obvious from a simple prequalification letter.

WHAT DOES "MY CREDIT SCORE IS 760" REALLY MEAN?

Furman sees a similar issue with credit. A prospective buyer may report having excellent credit, but that number alone does not necessarily tell a seller how thoroughly the borrower has been reviewed.

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"If someone says their credit score is 760, what has actually been established?" Furman said. "Where did the score come from? When was it obtained? Has the lender reviewed the credit information and debt obligations that will actually be considered during the mortgage process?"

Consumers can have multiple credit scores depending on the scoring model and source being used. A score displayed through a bank, credit card company or consumer application may not necessarily be the same information ultimately used in mortgage underwriting. Furman says the important issue is not whether the initial number looks strong, but whether a mortgage professional has reviewed the buyer's overall financial picture.

THE SELLER MAY BE TAKING THE RISK

When a seller accepts an offer, the decision involves far more than the purchase price. The property may be taken off the active market, other buyers may move on, inspections begin and attorneys, title companies, lenders and real estate professionals start working toward settlement.

If the financing later runs into difficulty because income cannot be documented, debt is higher than expected, funds are unavailable or another financial issue surfaces, the seller may lose valuable time and market momentum. Weeks later, the seller could find himself or herself putting the property back on the market after believing the transaction was secure.

"The highest offer is not automatically the strongest offer," Furman said. "A seller is evaluating price, but also the terms and the buyer's ability to get to settlement."

Furman believes sellers and their agents should understand the level of financial review behind a mortgage letter while applying consistent standards to all buyers and remaining mindful of fair housing, lending and privacy requirements.

THE IRONY: FURMAN IS EMBRACING AI

Furman's concerns are not coming from someone resistant to artificial intelligence or new technology. In fact, he has become an aggressive adopter of both. He has hired a full-time AI engineer to help develop and implement technology within his real estate operations and uses AI for research, marketing, analysis, lead management and other business functions.

"If you asked me two years ago whether I would have a full-time AI engineer working with me, I would have thought you were crazy," Furman said. "Today, I can't imagine not exploring what this technology can do."

His increased use of artificial intelligence has also reinforced the importance of verification. AI systems can produce answers that appear polished and authoritative while still containing inaccurate information. Furman believes that same lesson applies anywhere technology is being used to support important financial decisions.

"My rule is simple," Furman said. "Use the technology aggressively, but perform reasonable checks before relying on the answer."

He believes that principle is especially important when a seller is taking a property off the market based on a buyer's promise to purchase it for hundreds of thousands or even millions of dollars.

TECHNOLOGY IS CHANGING REAL ESTATE NEGOTIATIONS

Furman says mortgage qualification is only one example of how technology is changing real estate transactions. Today, buyers and sellers can leave behind a substantial amount of publicly available information, which can influence negotiations in ways that were far less common years ago.

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A seemingly harmless social media post about a move, job relocation, new house, deadline or other personal circumstance may unintentionally reveal motivation. The same can be true for buyers, whose online activity may provide clues about why they are moving, how strongly they want a particular property or other factors that could become relevant during negotiations.

"Twenty years ago, agents negotiated largely from the information exchanged during the transaction," Furman said. "Today, buyers and sellers can leave a substantial digital footprint."

Because of that, Furman advises clients to be thoughtful about what they share publicly while buying or selling a home. In his view, technology has made discretion more important, not less important.

THE QUESTION SELLERS SHOULD BE ASKING

Furman believes sellers and their agents should stop assuming that every mortgage qualification letter represents the same level of review. Instead, they should seek to understand what work was completed before the letter was produced.

Questions may include whether the buyer's credit was reviewed, whether income was documented or self-reported, whether assets needed for the transaction were verified, whether debt obligations were considered, whether employment was reviewed and whether a licensed mortgage professional evaluated the borrower's information.

Another important distinction is whether the buyer received only a preliminary prequalification or a more thoroughly reviewed preapproval. Those terms can sometimes be used differently by lenders, so Furman believes the better question is not simply what the letter is called, but what was actually verified.

"The goal is not to invade a buyer's privacy," Furman said. "The goal is to understand the strength of the financing behind the offer and make the best possible decision for the seller."

Furman believes artificial intelligence, automation and other technologies will ultimately make mortgage lending and real estate more efficient. But he also believes faster should not automatically be mistaken for more thoroughly verified.

"I love the technology," Furman said. "I'm investing in it myself. But when my seller is taking a home off the market based on a buyer's promise to purchase it, I still want to know one thing: Who checked the numbers?"

ABOUT BRETT FURMAN GROUP (https://brettfurman.com/)

The Brett Furman Group is a luxury real estate team serving the Main Line and surrounding Philadelphia suburbs. Led by Associate Broker Brett Furman, the team combines decades of real estate experience with high-end marketing, technology and AI-powered strategies to help sellers maximize exposure and achieve successful outcomes. The group provides clients with a hands-on, concierge-level approach throughout the selling process.

ABOUT BRETT FURMAN

Brett Furman is an Associate Broker with Real of Pennsylvania with approximately 40 years of real estate experience and more than 1,000 completed transactions. He is the author of two real estate books and regularly speaks on home selling, senior housing and real estate technology. Furman has increasingly incorporated artificial intelligence and data technology into his business, including hiring a full-time AI engineer to help develop and implement new technology.

ABOUT REAL OF PENNSYLVANIA (https://realofpaoffice.com/)

Real of Pennsylvania is a residential real estate brokerage serving buyers and sellers throughout Pennsylvania. Its affiliated real estate professionals combine local market expertise with Real's technology-driven platform and agent-focused business model.