Please don't forget the pre-qual letter....

I‘ve run into situations recently in which buyers' agents are showing homes to clients who aren't qualified to buy them. Sounds silly, I know. Buyer's agents who do so merely become poorly paid chauffeurs who drive people around for no apparent reason. But I cannot tell you how frustrating it is for sellers' agents like me. Showing homes to unqualified buyers is like proposing marriage to a blind date you just met - and about as sensible. If you have no idea what your buyers' financial situation is, how can you ever fulfill your fiduciary duty and show them homes in their price range?

I have found that it's easy to tell when a buyers' agent is either ignorant of the process, or pulling a fast one. When I ask to see a dubious buyer's qualification letter, the buyers' agent often replies with something like, "The bank is will have it this week," or "It's in the works," or some other innocuous mouthful of mendacity. The fact is that these days, getting a loan officer to run a few numbers through Desktop Underwriter can be done in under an hour. Sure, it may take a bit of time to collect the basic documents, but at least doing a credit check and a issuing a statement of assets and income subject to confirmation is a good way to get an idea of what your new buyers' can afford.

It's also kinder for buyers to know that when they do find the home of their dreams that they can afford it and don't end up heartbroken.

As my grand-daddy liked to say, "Only fools go hunting without ammo in the gun."