Pre Approval


Given the current market conditions we made a decision a couple of years ago to focus on marketing foreclosures.  When working with a buyer who wants to look at foreclosed properties, it is a requirement that they get pre-qualified for a loan with a local lender before making an offer. In order for the process to go smoothly we ask that they provide it up front, in the beginning.     

 

All the marketing efforts we have been doing lately have started to bring in a good amount of buyers, many of whom are looking for fair market (non-foreclosure) properties.   Since we know how quickly a well-priced home can go in today’s market, we now require that ALL buyers get prequalified for a loan before we start looking.

 

We have a great relationship with a local lender who can qualify a buyer in a matter of minutes over the phone or in the office.   So, what happens when the buyer sitting in front of you says they don’t want to talk to a lender right now.  I don’t know whether it’s because we’ve been so busy lately or if we’ve just wised up and become more selective.  But, if a buyer is not willing to spend 15 minutes on the phone with a lender, I have to question if they are really interested in BUYING or if they just enjoy LOOKING.Ducks

 

So, Mr. and Mrs. Buyer please don’t be upset when I ask you to spend some time getting your ducks in a row.  I promise you’ll thank me when we find the perfect home for you and the sellers accept YOUR offer because it’s accompanied by a letter that shows YOU really can BUY their home!


Happy Buying,


Cyndi


If you’re interested in learning more about foreclosed properties in this area, please give us a call and we will be happy to send you a FREE list!



Bill and Cyndi

 

 

Bill and Cyndi Daves, Associate Brokers/AREO

Coldwell Banker High Country Realty

With Five Offices To Serve You in Murphy NC and

Hiawassee, Blue Ridge, Blairsville and Ellijay, GA

Email: bill@teamdaves.com -or- cyndi@teamdaves.com

Bill Cell 828-361-9419   Cyndi Cell 828-361-9783

Fax  828-394-2384

Visit Our Website

 

 
This post has been included in North Carolina Real Estate News Cherokee County, NC Real Estate News Murphy, NC Real Estate News
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15 Comments on No Thank You, We're Just Looking

JAN
05
2012
1 Featured Post

Well stated!  It is SO important for buyers to be preapproved for financing, especially in today's market.  Your buyers will indeed thank you in the end.
10:32pm • #1
648,311 Points 63 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I'm having this issue as well.  One buyer on listing book wrote me a note:  "I want to see this house."  We hadn't met, and frankly, I would prefer  a more polite request not a demand.  So I wrote back saying that it was great tha she had found  things she wanted to say and I asked if she was preapproved for a loan.  The response was that she would consider getting preapproved in a few MONTHS.....My response was NEEEEXXXXT!
10:33pm • #2
315,303 Points 5 Featured Posts Called Shot Master

Bill and Cyndi, I passed up a showing this week--saying "I would be HAPPY to show you this home after you talk to my lender friend who can prequalify you in a few minutes over the phone."  Prospective buyer was a little miffed, but she did call my lender friend, and she cannot buy until home in NY is sold...so you are RIGHT.  We can save A LOT of time by requiring the buyer to speak with a lender FIRST!
10:35pm • #3
114,860 Points 2 Featured Posts Outside Blog
Very nice. Part of the homework my clients get after the buyer consultation is to get their pre-approval. Once they have that we go out. I don't what them to lose out on the property of their dreams, plus I don't want to show them something outside of their price range.
10:37pm • #4
525,489 Points 46 Featured Posts Outside Blog Called Shot Master

Hi Cyndi, not only would taking a non-approved buyer to look at houses cause you to spin your wheels and energy but it also gets the sellers hopes up unnecessarily.
10:37pm • #5
547,488 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good Evening

Thanks for the post. Have a great day
10:38pm • #6
262,949 Points 6 Featured Posts Outside Blog Called Shot Master

Karen and Rhonda - I agree - they may hate us and think we're being unreasonable in the beginning.  But, when they win the house because their offer was accompanied by that letter and another offer wasn't, they will thank us!

RuthMarie - Amen!!  In a few months, really??  Great, that's when we'll start looking because the house she falls in love with today won't still be around when she's ready.

 
10:44pm • #7
262,949 Points 6 Featured Posts Outside Blog Called Shot Master

Sonja - I bet you were happy to know that you didn't waste your time OR the buyers!

Kimberly - That's a whole other post making sure that they don't shop for more house than they can afford.

Mona - Can you imagine how it would be if every SELLER asked to see a pre-qualification letter before they would let you show their home.  That puts a totally new spin on everything!
10:46pm • #8
262,949 Points 6 Featured Posts Outside Blog Called Shot Master

Patrick - You're very welcome.
10:46pm • #9
212,362 Points 2 Featured Posts Outside Blog Called Shot Master

No matter how many blog posts I see on this, it seems to get harder and harder to convince buyers to speak to a lender early in the buying process.   I would like to see more and more consumer oriented general news reports, NAR commercials & print ads, and even those HGTV entertainment shows, stress the importance of getting financing in place first. 
10:46pm • #10

No financing = you are not ready to start looking.
11:08pm • #11
JAN
06
2012
1,521,143 Points 275 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Good morning, Bill and Cyndi.....there's no point in showing anything to anyone who has not been pre approved....
5:23am • #12
262,949 Points 6 Featured Posts Outside Blog Called Shot Master

Karen - That's an excellent idea!!!  Not having a preapproval letter is like going to buy groceries and leaving the checkbook at home.  Of course, we HAVE  had people come in from out of town to make an offer on a house and not bring a checkbook to make their earnest money deposit.

Dorian - Totally agree!

Barbara - It's a total waste of time -- theirs and ours!
7:19am • #13
JAN
22
2012
355,012 Points 19 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Getting some to do a preapproval is sometimes tougher than getting those ducks in a row.
10:25am • #14
262,949 Points 6 Featured Posts Outside Blog Called Shot Master

Wayne - I have asked clients if they would go to do their weekly shopping at the local supermarket without their checkbook, cash or credit card.  Likewise, why would you go shopping for a home without knowing if you could pay for it!

Cyndi
10:46am • #15


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Bill & Cyndi Daves REALTORS in the GA/NC Mountains Call Us Today: 828.361.9783

Bill and Cyndi Daves/TeamDAVES

Hiawassee, GA

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Hiawassee, Young Harris, Hayesville, Murphy, Blairsville

Address: Five Offices To Serve You In Murphy NC , AND Hiawassee, Blue Ridge, Blairsville and, Ellijay, GA

Office Phone: (706) 896-3132

Cell Phone: (828) 361-9783

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