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Missed a Great Opportunity Because You are Not Preapproved!

By
Real Estate Agent with REMAX of Joliet

I was contacted by a buyer asking about a 4 flat in Joliet. Before I do ANYTHING, I ask that buyer to get preapproved. I will not show properties unless I know they can write an offer.  He contacted me DECEMBER 19, 2011!

I repeatedly told him I needed to make sure he could purchase the property before showing it to him. I constantly checked in with him. I followed up with him on Monday and he said he was (finally) going to get around to going to the website I suggested to get preapproved.

Today I rec'd this email from him: Well it looks like that one is sold and it was the only one I was interested in because it belonged to my uncle. If I have any future interest in a property, I will contact you. Thanks a lot.

My response was to him "You had 2 months to get preapproved and you could have already closed on this property. So instead of just not doing anything, still get preapproved NOW so you don't miss another great opportunity."

It surprises me that buyers, in this market, still don't think they should get preapproved before viewing homes! First, they need to know their buying power and if they are comfortable with the total monthly payment. Second, we could be wasting time if you have an issue on your credit that you need to resolve. Third, YOU CAN MISS A GREAT HOME BECAUSE YOU DIDN'T GET PREAPPROVED!

FIRST STEP IN HOME BUYING - KNOW YOUR BUYING POWER! Contact me today to get you started!

 

Posted by

LaNita Cates of REMAX Realty of Joliet has been serving the Joliet, Plainfield, Naperville, Crest Hill, Bolingbrook, Shorewood and surrounding areas, helping buyers and sellers with all their real estate needs.

Denise Watkins
Samson Properties - Upper Marlboro, MD
Realtor Serving DC and MD

I absolutely agree with you.  The first step in the home buying process is to get pre-approved by a lender.

Feb 21, 2012 04:59 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

LaNita:  I'm going through something similar right now .. only from the lender's end.  One partner hoping to obtain financing is not capable, because of credit.  The other partner will not quit dragging their feet and get me the info I need to perform any preliminary review or pre-qualification.  Yet they, along with their agent, want a Pre-Approval letter.  What it all means?  They're on hold and cannot proceed towards homeownership.  Hard to explain this behavior ... or get them motivated ...

Hopefully your potential buyer finds their motivation and gets to a lender soon ...

Gene

Feb 22, 2012 07:24 AM