I personally believe that an agent should not work with a buyer until they have presented the following three items. One, a pre-qualification letter from a credible lender, two a buyer broker agreement, and three, EMD funds. I cannot tell you how many times I hear of a agent investing a serious amount time with a buyer, only to find out that they cannot qualify for a loan or they have purchased property from another agent. When a buyer is willing to provide these three items you know they are serious and that the chances of them window shopping is reduced greatly. In closing, agents in any market good or bad need to protect their greatest asset, their time. - Fri Oct 2, 2009