Whatever road you choose I would be very clear that it did not create a pattern as a basis for a "descrimination" claim.

I would ask the prospect before the showing if they have been pre-approved and, if so, when it was done. I would explain that with all the changes in the financial markets, they would need a recent letter to properly reflect their qualifications and to avoid being disappointed in not being able to buy their dream home.

I would meet them once or twice to create rapport, but would only go further if they secured the pre-approval.

If the lead/client advises you that they will need a loan to purchase the home then your should advise them to get a pre-approval. This is to keep them from being disappointed and save you some time. It is very important to know what price the client can afford or what amount a lender will lend. Nothing worst than finding out after they love the home they can't qualify for the loan.

Micheal Braclet, Realtor
RE/MAX Team Synergy
214-924-9011 http://www.mabraclet.com
SellThisHouse@mabraclet.com

It depends on the person, don't let a good sale go without getting the details first. I'll be buying another house in 7 months and I do not and will not have a pre-approval. As with my last home I saved to buy with cash and the realtor I had the first time wanted a pre-approval any way. when I went to the bank to get my $200,000 in EE bonds she than wanted me to give her a list of serial numbers and photo copy every bond before she would let me see the inside of the house I wanted to buy. After hours I gave up and went to another realtor and not only seen the inside of the house but closed on it sixteen days later.
Pre approval is a good thing in this market, but get the details first.

In this market, the only good buyer is one who is pre-approved by the lender with only 2 contingencies; a contract and an appraisal.

If the buyer does not have this or does not want to get it, make sure it is part of the process they will have to do to purchase a home, that it should not cost anything up front.

If they do not want to do so, I do not believe it is in your best interest to waste time with them.

A buyer with this kind of full pre-approval is worth gold to the sellers and you and if you are representing the buyer, you will get the best deal for them if they are prepared.