Pre Qual Question

Do you need a pre qual before an agent takes you out to look at properties?

We are selling our place & a couple came back for a second time & when they left they were talking to the agent right outside & I could hear everything everyone was saying. So they were going back & forth & then the agent says " so call Mario & see if you get pre-approved, & we'll take it from there"!!!

Shouldn't that be done 1st??? I feel like they are just wasting our time if they cant get pre approved! Why would an agent even want to waste their time going out & looking at places to then find out the buyer cant buy anything??

Ughhhh this whole process is so frustrating!

Re: Pre Qual Question

It is really up to the individual agent as to how they conduct their business and deal with clients. Personally, I like to meet with buyers before we even start looking at properties to consult with them about their real estate needs and goals, as well as provide information about the buying process in general,including financing. I always explain to buyers that they need to get a preapproval ASAP,both because they should know what their price range is (and talk to a mortgage professional to get questions answered), and because they will need it to make an offer on a house. If someone refuses together a preapproval, I don't show them houses. As you said, it's a waste of their time, my time, and the sellers' time.

I think most agents, at least serious, full-time agents, ate the same. We are it on salary, so our time is money!

However, I would take someone out once if I knew they were in the process of getting a preapproval, but hadn't had a chance yet. For example, if someone came in for an initial consultation with me, and wanted to see a couple of houses that day, I would probably take them as long as they agreed to call a mortgage lender and get a preapproval asap. It doesn't take long to get one. But if they didn't get it, I wouldn't continue to show them houses.

Re: Pre Qual Question

Thanks for your info.... Can I make it a requirement that my agent sees the pre approval before we confirm them come & look?

Re: Pre Qual Question

You can do that. But I would get your agent's take....because access to the house is important to selling it. The harder it is for agents and their buyers to get access, the harder it is to get it sold. While it's fair to want to screen buyers, and you can certainly ask your agent to prequalify the buyers she brings, I think it could deter showings from other agents.

What if an agent calls from another company to set upon appointment for the property with the listing agent's office? Would he or she have to fax or email over the buyer's preapproval? What if the buyer is bringing it to their appointment, because it's their first time meeting? What if your listing agent isn't available to review the preapproval letter and give the okay for the showing before the appointment time? It could be logistically hard to enforce. And if you make it too hard to get in, most agents and buyers just move on to the next house, unless your home is truly unique and in an area where there is a dearth of inventory.

I know it's inconvenient to have your house on the market, and you want the most serious, qualified buyers possible. But I think it's better to allow the most showings possible and trust that most agents will do their job and make sure buyers are approved before showing a property!

Also, maybe you misunderstood what you heard, or heard it out of context? For example, maybe the buyers were already preapproved, but the agent was recommending they use another lender? A lot of agents have preferred loan officers they are comfortable with. Or perhaps they were previously preapproved but changed circumstances necessitate a new, updated preapproval. Not saying that's the likely situation, but you never know. And I know that a lot of sellers do interpret interactions between agents and their buyers at showings.

Re: Pre Qual Question

Ok i see your point, didnt really look at it that way. Thanks for letting me see the other side!