Why Your Realtor ® Keeps Pushing You To Get Prequalified

Dated: 11/07/2013

Views: 1642

Here's why that seemingly nice Realtor starts nagging about pre-approval/pre-qualification!

While idly shopping for a home may be pleasant, serious home buyers need to start the process in a lender's office, not an open house. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter. 
First, they have an opportunity to discuss loan options and budgeting with the lender.
Second, the lender will check on their credit and alert the would-be buyers to any problems. 

Third, the buyers learn the maximum they can borrow and therefore have an idea of their price range.
However, all buyers should be careful to estimate their own comfort level with a housing payment rather than immediately aiming for the top of their spending ability.
Lastly, home sellers expect all buyers to have a pre-approval 
letter and are more willing to negotiate with people who have proof that they can obtain financing. 
See, here's the thing....NO, a Realtor DOES NOT want to waste their unpaid hours with unqualified buyers! This however IS NOT because they are not being paid yet...it's because a GOOD REALTOR wants their client to be happy with their home buying experience, not disappointed because they fell in love with a home they can not buy!  
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Chip Franks

The Supreme Commander of The Real Estate MarketPlace and A Good Guy, In General! Ron "Chip" Franks was born in 1972 in the thriving metropolis of Killeen, Texas and makes his profession there as on....

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