Hello, NEW broker in Camarillo... why do buyers say they are qualified then when you ask for proof, they decide you are offending them. Frustrating!

Asked by Team Komar, Camarillo, CA Tue Oct 12, 2010

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8
John Souerbry, Agent, Fairfield, CA
Tue Oct 12, 2010
BEST ANSWER
There are several reasons - one is that some buyers have a different definition of "qualified" than real estate agents and mortgage lenders. Many feel it is a general term that means: "I have a job and I believe my credit score is good." They don't realize that it has a precise meaning among industry professionals. Another reason is that they are offended because they are truly used to being trusted and don't understand that in our industry everything must be documented, starting with qualification. My last reason: they are full of BS and are embarrassed that they have been caught in a big fib.
0 votes
Ted Mackel, Agent, Simi Valley, CA
Tue Oct 12, 2010
Probably because home buyers are sick and tired of everyone making them run their credit. The Real Estate and Lending industry really has got to the point that buyers are going to revolt. Some brokerages now have in their addenda that buyers must qualify through the listing broker's in-house lender. Requirements for Buyers to be pre-approved by a new lender every time they write an offer. It's getting ridiculous. I can understand problem properties needing a more qualified lender involved, but those problem properties are not dominating the market.

We can end the adversarial relationship, it's just that the solution is not popular with many brokers.
Web Reference:  http://www.homebuysblog.com
2 votes
Desari Jabbar, Agent, Stone Mountain, GA
Tue Oct 12, 2010
Buyers might be offended when realtors ask them for proof of their pre-approval letters. Imagine how offended we are when we find out they aren't qualified for as much as the homes we've been showing them.
Web Reference:  http://www.DesariJabbar.com
1 vote
Mark Thorngr…, Agent, Camarillo, CA
Tue Oct 12, 2010
Most real estate coaches will advise you to prequalify and pre-approve before you ever put buyers in your car. A 5 star client is open, honest and wants your help. That includes answering all your own pre-qualifying questions as well as the lenders.

Once you explain how it saves time, stress and probably money to be pre-approved before they go looking, it should begin to make sense to them - unless there are issues they have not shared with you.

Folks who are offended by your request to help them get pre-approved are probably not going to be the best use of your time. Worse, they take away time that you could use to help other people who would benefit from your skills. Ask your own questions and choose carefully the clients you spend your time and energy with.
1 vote
Ryan Smith, Agent, Murrieta, CA
Tue Oct 12, 2010
I agree with Ted, show me your qualified once with a direct lender then GO! Even those that have been qualified by 10 different lenders fall out of escrow. You take the good with the bad and keep rolling!

Thanks!
Chris Blasic
Realty World & Associates
1 vote
Dorene Slavi…, Agent, Torrance, CA
Tue Dec 14, 2010
Hi Ray,
Thanks for the question.
Sometimes asking for financials can be uncomfortable for people. My solution is to have a loan officer at my first buyer counseling session with the buyer. I once did have a buyer who brought something in that was supposed to be a Pre-Qual, but it wasn't anything I could present to the sellers. It's best to work with buyers who are serious and ready to buy.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Oct 12, 2010
Any true buyer should not be offended. you need to ask tactfully as part of your initial conversation, have you spoken to a mortgage company or bank? if yes were they able to prequailify you. That is great most sellers require prequailification letters when submitting an offer. If they say no or soemone you never heard of you can say: you know i worl with a great loan officer who can prequailify you at no cost, you should speak with them.

You can assess pretty quick by someones answers how genuine they are.

Please see my blog regarding prequailifications
0 votes
Heidi Golff, Agent, Ventura, CA
Tue Oct 12, 2010
Ted's right....people are sick of this. Coincidently, so are we! Also, there are ways to ask that question that go down a little easier than others. "Did you go through the bank where you have your checking and savings to get pre-approved or did you choose a different bank?" "Did your lender go over programs that allow a seller to credit closing costs to you?" "Is your lender providing us with a mobile number? We're going to need it when it comes time to write the offer". You know, subtle!
0 votes
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