Would you go to buy a pair of shoes without knowing how much money you have in your pocket? It's the same when you shop for a house. Know what you can afford or qualify first and then we'll go hunting for one.
Lately, I have been dealing with first time buyers that they feel they should talk to lenders only before making an offer. A Lender is not a Dentist, okay ?
I love it ... I receive 100's of calls per week, I state unless you have lender approval letter I can't show properties that letter instructs me how to work with you as the buyer. Most of time I can based on ?'s asked determine if they can qualify. If not lease is their option
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
It IS one of our responsibilities as leaders in the real estate business to spread the word.....and sometimes it's necessary to repeat the message.
The more the message is spoken and the more it's heard.....the better the chances of making a difference.
A Buyer without a Pre-Approval Letter and / or a Proof of Funds Letter is not a serious Buyer.
There may also be ethics questions involved when Agents show properties to unqualified Buyers.
If the Buyer will not get a pre-approval letter or a proof of funds letter, then respectfully decline to show property to them.
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Best wishes,
Fred
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That always makes me wonder how serious they are. How do they know what price range to look at? You could go out looking at homes in the $250 range only to find out they qualify at $200. It wastes everyone's time to be premature, possibly losing a home they might have liked. People do this online calculating and think they're automatically able to purchase a home. I've had this happen only to find out there were credit issues, so now, until I've got lender approval, we don't go out.
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