Back in the good old days when loans where as easy to get as being able to walk and breath and homes sold before they were listed on the MLS it was nothing for a realtor to get a phone call from a potential buyer and to ask to be shown a home.
Without any interview, but just the request to see a home, the realtor on the other end would drop everything, call and schedule a showing and take off to show the home. Since lending was as easy as pie and homes were sellng like the proverbial hot cakes realtors did not give a thought to "popping up" like a Pop-Tart.
Buyers who call me don't seem to understand when I ask for a pre-approval. They feel that their mere interest is enough to make me jump, drop everything and run to the show them the home. I give them referrals to lenders that can give them a pre-approval so they don't fall in love with a home that they can't afford. I know I hate it when I shop for a dress and forget to look at the price tag only to find out that its beyond my budget.
So don't hate the realtor on the other end of the phone line that says "no" to your request to see a home. They are doing you a favor and getting you ready to find your home the right way - with a greater chance of putting in a strong offer with your pre-approval in hand.
Unfortunately, those days are over. With lending guidelines much more stringent - buyers have to be pre-approved before your professional realtor will take them to show them homes. Even with a pre-approval from a reputable lender, every once in a while the mortgage becomes and issue adn there is no closing.
Buyers must know that its more than just getting approved - its maintaining that pre-approval all the way to closing. Lenders will re-verify jobs and pull a credit report up to the day of closing - so take heed and follow the 10 Commandments below.
1. Thou shall not change jobs or become self-employed.
2. Thou shall not buy a car, truck or van unless you plan to live in it.
3. Thou shall not use your credit cards or let your payments fall behind.
4. Thou shall not spend the money you have saved for your down payment.
5. Thou shall not buy furniture before you buy your house.
6. Thou shall not originate any new inquiries on your credit report.
7. Thou shall not make any large deposits into your bank account.
8. Thou shall not change bank accounts.
9. Thou shall not co-sign for anyone.
10. Thou shall not purchase anything until after the closing.
Follow these rules and you are on your way to moving into the home of your dreams!