Home Selling in 63459>Question Details

Flyerfan56, Home Seller in 63459

Can I require a pre-qualification letter before letting people look at our home? we keep getting buyers that are interested, but don't even

Asked by Flyerfan56, 63459 Thu Aug 4, 2011

qualify! OUr house is another state and has been on the market for over 2 years. We continue to get lookers that can't even qualify for a loan to buy. Do we have to let these kinds of people continue to look and get our hopes up for nothing??

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12
Dear FlyerFan
Now you are speaking my language! I always require the buyers to be pre-qualified before I work with them. I also require buyer/broker contracts as well. I don't feel it is professional as a Realtor to go out to people's homes with "buyers" who are not in a possition to purchase. My advice to to contact your agent and make your criteria known. You are well within your rights to ask for this minimum courtesy!
1 vote Thank Flag Link Fri Aug 5, 2011
Yes. Of course you can require a pre-qualification letter before letting people look at your home. And it's not a bad idea.

However, if your house has been on the market for over 2 years, then there's something wrong. Most likely, it's overpriced. Maybe you can't afford to reduce the price any further. But the market is still telling you that it's probably priced higher than it should be. Another problem could be that it's not showing well. Or that it needs to be updated or staged.

Talk to your Realtor and find out what the problems are. Also, make sure it's being marketed properly.

But back to your original question: Requiring a pre-qualification letter would be perceived by any agent as a barrier--just as if you'd said "3 hours notice required" or "No showings on weekdays." So, your agent probably won't be happy with throwing up a barrier to potential buyers. Just be prepared for that. Just explain to him/her that any serious buyer is likely to be prequalified. And at this point, after 2 years, you're interested in finding serious buyers.

Hope that helps.
1 vote Thank Flag Link Thu Aug 4, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
What did your agent advice you?

Sometimes, you may get diffrent answers from each aspect.
0 votes Thank Flag Link Wed Aug 31, 2011
What did your agent advice you?

Sometimes, you may get diffrent answers from each aspect.
0 votes Thank Flag Link Wed Aug 31, 2011
Wow, I can understand your frustration. A lot of good answers here, but let me add one more bit of perspective...

First, you should be concerned about your pricing strategy and showing condition, if your house has not sold in two years. Something's wrong. Buyers are very astute these days and, simply put, if the value proposition doesn't make sense, they move on to the next property. I would recommend considering a change in price and showing condition.

Second, yes, you CAN require a pre-qual letter from a buyer before allowing showings, but I suspect that such a strategy will not have the desired effect. It's more likely that buyers will simply stop looking at the house. IF you are trying to encourage a more qualified buyer, you could have your agent, in the private remarks of the MLS, make a request of all showing agents that their buyers be pre-qualified before showing. Ironically, as mentioned in some of your responses, a good agent wouldn't be showing the house to an unqualified buyer and such pre-qualification should have taken place before the buyer was put in the car.

Good luck!
Web Reference: http://www.cliffperotti.com
0 votes Thank Flag Link Fri Aug 5, 2011
You have the right to request/require a pre-qualification letter. We have started to see people that qualify, but when the paperwork goes before the underwriter (days before closing), the deal falls through. I would wonder how many actual offers you received over the last two years and if these people were just trying to get you to drop your price before making an offer.

There are a lot of factors that need to be considered before making a suggestion...how many showings, current market price (it has been two years), any possible offers, etc. I agree with some of the other comments, a good agent could help walk you through this process and make sure buyers have some qualification.
0 votes Thank Flag Link Fri Aug 5, 2011
It is harder for a homeowner to ask for a pre-qualification letter. We as Realtor ask because we are not taking people out not knowing if they can purchase or not. Herb
0 votes Thank Flag Link Fri Aug 5, 2011
Everybodies time is valuable so before I would even entertain a buyers request to see my home would have them contact a Real Estate Proofessional because they can make sure that they not looky looks.As a RE Professional I will not take clients to see any houses unless they are prequalified. This saves you time and money and heartaches as well as headaches.
give me a call I would like to help you locate a qualified buyer for your home.
0 votes Thank Flag Link Fri Aug 5, 2011
Flyer,
Can it be assumed you are trying to sell this home without a full service real estate professional?
Very few real estate professionals provide entertainment services by showing homes to folks who can not purchase. Very often the 2nd question a real estate professional will ask a potential buyer is "Do you have your PRE-APPROVAL with you?

Depending on the number of sales in your community and competing communities, you may need to express some concern about the time on market of your home. Be aware, homes purchased through non-conforming loans are harder to sell.
0 votes Thank Flag Link Fri Aug 5, 2011
flyerfan56,

There is two important aspects to consider one selling your home. Aspect 1, you need everyone and their mom to view your house, it is a numbers game and more means success sooner. Aspect 2, Price, this is a number you have the most control over, 2 years suggests to me your price may be too high. i have listings in similar situation that are on the market too long (90 days is too long from my persepective, as most properties go under contract in our county in under 60 days...) as they sit on the market no matter what data i provide the sellers, of the depressed market we are in and we will be for some time, they still do not want to reduce the price. In the end hearts are broken and a home sits...

I am not your realtor, so i can't say do this or do that but I would encourage you not limit those who look at your house even if they seem to be unable to afford your home. Who know's aunt Sally might pony up the cash needed for downpayment or something.

Here is a good blog about market time..

http://blog.house-guy.com/2011/03/17/why-average-days-on-mar…
or
http://blog.house-guy.com/2011/05/16/what-if-you-happens-if-…


good luck!!
0 votes Thank Flag Link Fri Aug 5, 2011
If your house has been for sale for two years and you haven't sold it, then something is wrong; seriously wrong.
Are you willing to admit that you need help.
The fact that people are looking at it, is a good thing! And they probably are qualified! Just not interested.

Good luck and may God bless
0 votes Thank Flag Link Thu Aug 4, 2011
Yes you can tell callers you only schedule shoiwings when buyers have a pre-qualified letter and it is a good idea. It is preferred the letter be no more than 3 months old. If you are working with a realtor, request they to have "pre-qualifief buyers only," you listing information.
0 votes Thank Flag Link Thu Aug 4, 2011
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