Is this the rule i have to show the pre approval letter before the agent showing me the CONDO?

Asked by Betty Chan, New York, NY Sun Jul 7, 2013

Can I use the same pre approval letter to different Seller?

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13
Bev West, Agent, Greeley, CO
Mon Nov 4, 2013
There is no rule but agents like to see that you are prequalified before looking and also courtesy to sellers knowing that you are qualified before they open their house up to "just look".
0 votes
Rhonda Holt, Agent, New York, NY
Thu Jul 18, 2013
Hello, showing a pre approval letter is not a rule for all agents or brokers but it does help you to be taken seriously before the agent spends time showing you the property. Agents will put you at the top of their list if you are a prepared buyer and not seeming as if you're just casually looking but prepared, serious and ready to pull the trigger when you find what you want. Also if an agent has a property that you really want I suggest you give them what they ask for otherwise they will not take you seriously and move on to the buyer that ready to go.
0 votes
Felix A. Gar…, Agent, staten island, NY
Tue Jul 16, 2013
Hi Betty

There's no rule regarding showing your preapproval but most agents will ask if your preapproved and might ask to see it but there's no rule but its in the best interest of all parties that the buyer have and show the agent the preapproval this way your ready to make an offer when you find something.

Thanks Felix
0 votes
Ann Zemaitis, Agent, 10013, NY
Tue Jul 9, 2013
The answer-- it depends.
The first step in looking for an apartment is to have pre-approval. This is because in this hot market, if you see a place you like, you simply don't want to waste time getting one after, because by then it may be gone. Second, as many have said, no use wasting agent's time or yours if you don't have it. If it's an open house, go ahead and window shop. Yet, on something like a huge price tag, many sellers won't even consider having the door opened unless you're a recognized name or are pre-approved or cash. For example, on a $49 million listing in Tribeca, the first question I had to ask the customer was for this, because you can't go window shopping these kinds of listings without.
Getting a pre-approval means you're serious. And, yes, you can use the same one for different apartments. However, a rookie mistake I see is not having or making it adjustable depending on your offer. In other words, looking at a $1 million apartment and offering $900,000? The letter shouldn't say you're preapproved for the million, because the seller will want that million. Makes it hard to negotiate.
Need help? I'm here for you, and a local resident and agent in Brooklyn Heights, my family's chosen neighborhood. AND I rebate 10% of my commission to customer within 2 wks. of closing. On a $1 million property that's approximately a $2500 rebate.
Ann Zemaitis
Rutenberg Realty
917-676-1950
azemaitis@CRRNYC.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jul 8, 2013
Keep in mind that some sellers do have such a requirement; and yes, as long as your pre-approval letter is current, it can be used for any seller/property of interest.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Mon Jul 8, 2013
As others have said it is not a rule however I have had some sellers tell me not to allow the home to be shown to anyone unless they have a prequalification letter. Regardless of that, I will not show property to those that have not been prequalified. If they are serious about purchasing they will be prepared to purchase which includes having a prequalification letter.
0 votes
Thomas Moser, Agent, East Northport, NY
Mon Jul 8, 2013
There is no "rule" about this. However, in some cases, the seller requires that the home can only be shown to pre-approved buyers. If that is the case, the listing agent is obligated to follow the seller's instructions.
0 votes
, ,
Mon Jul 8, 2013
Good morning Betty,

While it's not a "rule" as such, you should take it as a good sign when a real estate agent wants to be sure you're Prequalified for mortgage financing before showing you properties. Experienced real estate professionals don't want to waste your time---or theirs---showing you properties if you don't have at least the fundamentals of mortgage financing lined up.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Sun Jul 7, 2013
Dear Betty:

Agents work very hard and for long hours. Because of that, many of them including myself want to make sure that the buyer is qualified before we spend a great deal of time, money and effort only to find out that there is an issue preventing a buyer from securing a mortgage after the fact.

As a matter of fact, this is the very same reason that it behooves any buyer to pre-qualify themselves, so you do not waste a whole lot of time and effort only to find out you cannot achieve your dream. Once you get a pre-approval letter you can use it for any property, but after about 30 days you will have to have the banker give you a new one to keep it fresh so to speak. That is no big deal.

If I can be of further assistance, please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Randall Ortiz, Agent, Sacramento, CA
Sun Jul 7, 2013
It would be in your best interest as you would want to make sure that you are able to buy the condo. Most of the time they want to see that you are pre-approved when you are making the offer anyways, so you will be prepared.
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Jul 7, 2013
Understand the major, and the minor reasons for this:
If you have not been pre-approved when we show you a condo; because of the time it will take to get approved, the condo will likely be gone.
The other reason is that we want to help people who are committed; if you can't be bothered getting approved, we are both wasting time.

ps. You can always find other lenders after we make an offer; you are not locked in to that lender.
0 votes
Correction : I don't want to wasting anyone's time.................
Flag Sun Jul 7, 2013
i want to wasting any one's time. I don't want to wasting my time too. I am busy too........I need expert's answer not challenging me waste agent's time. As an expert, should give advice not challenging...... If i know i don 't have to ask ........
Flag Sun Jul 7, 2013
Madeline Pad…, Agent, Brooklyn, NY
Sun Jul 7, 2013
Hi Betty - it is standard practice that we know you have been at least pre-approved before showing you properties. Additionally, some developers require that we show it before being able to get a viewing; so they know you are not wasting anyone's time. Therefore, if you have
one, proudly show it. It all depends on what property you are trying to purchase. Additionally, without
one, we cannot submit any offers on your behalf.
0 votes
Janine Young, Agent, New York, NY
Sun Jul 7, 2013
Betty,

No, it is not a rule. Many agents will not submit an offer on your behalf without an approval letter - or with proof of funds because the other party will not take the offer seriously, but you should not need the pre-approval letter just to see a property.

Good luck to you,
Janine
0 votes
Hello Janine,

Why would any Agent want to show a property without knowing who they are showing it to? Why waste the seller's, buyer's and your time if the buyer is not qualified to purchase the property? Personally, I only show if I have an Approval or proof of funds never mind a pre-approval or pre-qualification.

Just curious... Mark.
Flag Sun Jul 7, 2013
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