where do you report an agent that refuses to show you an REO property without a pre-approval letter?

Asked by Eve, Los Angeles, CA Sat Apr 18, 2009

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James Gordon…, Agent, Hamilton, OH
Sun Apr 19, 2009
I would report this great service to their Broker. Reo properties require a preapproval letter with the offer and this agent is making sure you are prepared to be able to buy what you are looking at. Eve this is a great way to make sure that you are not wasting time, energy , and finding a home you want only to lose it while waiting for a preapproval. This agent is making sure that you have all your ducks in a row and are ready to buy.
Web Reference:  http://www.Find1Home.com
2 votes
Linda Hedgep…, Agent, Littleton, NC
Sat Apr 18, 2009
You've located a considerate agent who will not waste your time. Tagging a property as an REO does not mean any low price will be accepted. The lending institution decides the accceptable price and it is often not the first offer made on the property.
2 votes
Kathleen Lor…, Agent, Baxter, MN
Sat Apr 18, 2009
I assume you were hoping to file a report on the agent's great service and ethics and wisdom.
This agent is doing what they should be doing.
Web Reference:  http://topbrainerdagent.com
2 votes
Dorene Slavi…, Agent, Torrance, CA
Fri May 1, 2009
Dear Eve,
Most Agent will require a pre-qual letter from a bank before they will begin working with a client. This is for everyones benefit and is being required by many sellers these days..particularly...with REO and Short-Sale property.
This requirement protects you, your time, the agents time and the sellers time.
1 vote
Maria Morton, Agent, Kansas City, MO
Fri May 1, 2009
Eve, we all sign documents promising that we will not show properties to unqualified buyers. Remember that the sellers are trusting us with the keys to their home. A bank may not live in the house, but it is still a valuable commodity to be protected.
1 vote
Judi Abbott, , Redlands, CA
Thu Apr 30, 2009
I hope you heeded the agent's advice to get prequalified before shopping for a home.....whether an REO or a standard sale. Good REALTORS adhere to a code of ethics. Generally, the agreement with the sellers is to show their property to qualified buyers. And, it's sad to have a buyer disappointed when they fall in love with a home only to find out they can't qualify for the mortgage. Even more importantly, getting a mortgage you're comfortable with. You may find that your home search and purchase experience will be more sucessful if you work with your agent or find an agent you can work with.
Web Reference:  http://www.JudiAbbott.com
1 vote
Bill & Linda…, Agent, Atascadero, CA
Thu Apr 30, 2009
A Real Estate Professional needs to know that they are spending their valuable time and recources with someone who can purchase the homes that they are showing. Certainly being loyal to them is up to you. You might have been turned off by the attitude of the agent you spoke with but truthfully you should find a Realtor(R) that you feel comfortable with and a Lender that you trust and put your team to work on your behalf.
1 vote
Dyanna, , California
Sat Apr 18, 2009
Eve I understand why you are upset. You might be qualified to purchase this home, but the agent and the bank selling it doesn't know that. In order for an agent to work with a buyer, the buyer should be pre-qualified and it is at the discretion of each individual agent to work with you or not. An agent does not have to work with you just because you called him/her, they work with you because they want to and feel that you might work well together. You shouldn't be offended, you should appreciate that agents' respect for his/her profession.

Good Luck,
1 vote
Julie Mushin…, Agent, Upland, CA
Sat Apr 18, 2009
I agree with the other two answers. This market requires that all Buyers get at least pre-approved before going out to look at homes. That Agent is doing her job and should be commended. After all, we got in this mess because lending became too lax.
1 vote
Dawn Richard…, , 30092
Sat Apr 18, 2009
There is no reason to report the agent. Most lenders of foreclosures and many sellers now require the pre approval letter prior to showings. The best thing to do is if you are in the market for purchasing a home is to contact a lender and get pre approved prior to your search. Knowing what your investment limit is will allow the entire process to go smoother.
Web Reference:  http://www.sellsatdawn.com
1 vote
Dana Schuster, Agent, Slidell, LA
Sat Apr 18, 2009
There is nothing to report. Many sellers & the majority of lenders holding foreclosures make this a requirement.for showing property.
1 vote
John Sefton, Agent, Long Beach, CA
Thu Jun 18, 2009
I don't mind showing a property or two without a preapproval. Sometimes a person just wants to get an idea of what the market is like before going on to that step. It is understandable.
0 votes
Dot Chance, Agent, Burbank, CA
Wed Jun 17, 2009
Hi, Eve:

I understand your frustration. Look at it this way, if you decide to place an offer on a property most likely the agent cannot even submit your offer to the seller without that pre-approval letter from a direct lender. It will save you time and maybe even a little heartache because it is likely that the home you make an offer on will have multiple offers and you could lose out on that purchase without that letter.

Happy home hunting!
Web Reference:  http://www.DotChance.com
0 votes
Yanni Raz, Mortgage Broker Or Lender, los angeles, CA
Thu Jun 11, 2009
You can call the C.A.R or the DRE, but you have to understand that every real estate agent would want to see a pre qualification letter from you before spending time with you.
Don't waste your time with that.
If you don't want to pre qualify first....good luck finding an agent.
It will be very difficult to find one these days.
Real estate agents will work hard for you and will give you 200% of them selves and all you need to do is to get them the pre qualification letter, please o it.

Good Luck.
Web Reference:  http://homesinsale.com
0 votes
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