There have been several blogs, articles, tv ads and even lenders and realtors stating how important the preapproval is.  Well it's important to us Realtors because we like to know exactly the price range we are shopping with our clients. It also let us know how motivated our buyers are. We'll they are some buyers who still like to put the carriage before the horse. As I tell them the day you wake up and decide you like to purchase a home. You have to ask yourself are you in a financial position to do so?

As Realtors do we set the right expectation on how important the pre approval is? I know it's just a piece of paper nothing valid until there is a signed purchase agreement that allows the lender to dig a bit deeper into the clients financial profile. Each time I take a client out for the first time...I just listen simply because they will tell you exactly their financial story without asking. They may talk about credit scores or down payment or financing options..yes I know a little bit about though my first question is have you spoken with a lender about your financial situation in regards to purchasing? Ok this is what I need you to do on our next visit, we need talk to a bank or lender about preapproval to see exactly what we qualify for? I give them some names I know and follow up.

I don't mind showing homes before I see the preapproval..it's like previewing homes and practicing my skill as an agent at the same time digging deeps with clients. (That's my MO) Overall we as Realtors are look at as experts. We have to set the right expectations up front. The market is shifting and guidelines change constantly.  I know it's me venting but we need to have buyer's understand without a preapproval or speaking with a lender...not much else we can do here but send emails of properties that are on the market.  If your buyers are serious about purchasing. Then they must be serious about the financing as well.