Posted by RonH(MD) on October 28, 2002 at 22:16:48:
That should actually say “No Bank Qualifying”
RonH(MD)
“No Qualifying” = false advertising? - Posted by Marty B.
Posted by Marty B. on July 13, 2002 at 23:24:34:
I was calling some ads in the newspaper to drum up some deals. Some of them said “No Qualifying” but then they wanted to check my credit and stuff. If I’ve got the money they ask for up front isn’t checking my credit really qualifying me and false advertising? I’d think you could get in trouble for something like that.
Re: “No Qualifying” = false advertising? - Posted by JoeS
Posted by JoeS on July 15, 2002 at 07:06:42:
All good comments. I would like to add my 2 cents…I used to advertise “Owner financing, no bank qualifying, $500 down.” I got calls from people who didn’t even know what a credit report was! Now I advertise “Owner financing, $1000 down, GOOD CREDIT needed.” This gives them notice that I will check their credit.
If I have to hold a second I will but I can usually find excellent financing for my buyers if they have good credit. Hope this helps.
Re: “No Qualifying” = false advertising? - Posted by Richard
Posted by Richard on July 14, 2002 at 16:09:17:
they just want to know if you have the abillity to make the payment,they are looking at debt ratio and it is a good thing to remember if you are selling a house with “NO QUALIFYING” and someone asks “why are pulling my credit” just my 2 cents.
Re: “No Qualifying” = false advertising? - Posted by Frank Chin
Posted by Frank Chin on July 14, 2002 at 07:31:19:
Hi Marty:
I have to say “No Qualifying” may not be the best way to say it. But my wife who was in the commercial loan business tells me that they run credit and background checks to make sure the folks they deal with has no criminal background.
Imagine if I was Osama Bin Laden’s advisor, and we’re looking for a place to stash our bombs and house terrorist, I would tell them “look for NO QUALIFYING ads, and if someone suggested a credit check, tell them its false advertising. After all, we don’t want anyone to know who we are now, do we??”.
Just my thoughts.
Frank Chin
Re: “No Qualifying” = false advertising? - Posted by Scott Ewing S.W. Mich
Posted by Scott Ewing S.W. Mich on July 14, 2002 at 05:12:36:
Good point. They should say no BANK qualifying.
Re: “No Qualifying” = false advertising? - Posted by Peter Rzepka Vegas
Posted by Peter Rzepka Vegas on July 14, 2002 at 03:35:45:
I advertise "no qualifying " for L/O’s. I had a T/B with 15k down and I said that I would not run his credit , but he accidentally told me that he had a 120k federal tax lien. The deal feel apart, but I don’t think he could have cashed out in 2or3 years. Now I tell people it is no qualifying as long as there is a reason that they could not eventually cash me out ; so for that reason, I run credit.
Re: “No Qualifying” = false advertising? - Posted by Matt KY
Posted by Matt KY on July 14, 2002 at 02:41:34:
they are just wasting money on their ad. they will get lots of calls from people with bad credit instead of what they really want.