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I got an email tonight from some buyers I'm working with. It started out with, "I'm bummed - that home in Tatum Ranch went to contract and it was our favorite." This is why it's not a good idea to put the cart before the horse and look at homes. You are only setting yourself up for disappointment. 
Creek/north Phoenix, call me - there are definitely STEPS you need to take to be prepared, particularly in our HOT real estate market. 
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44 Comments on I'm bummed - that home went to contract and it was our favorite
I have a confession to make.
When a buyer procrastinates about getting the lender's letter and drags their feet when a spectacular home comes on the market or they look at it and "want to sleep on it",
I am often glad when the home sells quickly. Sure I have to give them the news, but they learn to listen.
Once that happens, there will be a lender's letter, quick tour of new listings and sensible decision making.
When I tell a buyer "This home will sell", I know what I'm talking about.
Juli -- some of these buyers have not been out in the market in the last couple years, and do not understand how things have changed, and that it is not as easy as it once was, where they could make and offer, and then go to the lender, and get approved, because after all they were breathing. ;-)
It will take more posts like yours to help the buyers understand the markets have changed, and the financing is necessary up front.
Hi Juli, great post on the real world. People must be pre-qualified before they start to look
so they won't be dissappointed if they're not ready. Next time they will move a little faster.
Have a great day.
Juli, great blog. I try and try to explain this to my buyers, and sometimes they just don't get it. I'm working with some now that keep trying to undercut the sellers and in this market, it's never gonna work.
Wow, looks like we've all experienced this. Joetta, you're right, it's always the "comparison."
Lenn, I so agree. However, these buyers are mostly realistic and have put off any further viewings until they get their financing in line. And, they know the market - they've been on the internet every day and keep sending over comments like - wow - another one sold in 2 days. It's in writing, not just my word for it.
Lloyd, like you, are values are climbing quickly - now is the time to get off the fence and take some action - obviously other people are.
Thank you all for stopping by.
Hi Julie. It has all been said, but I agree with you, no sense wasting anyones time.
Juli, there is usually a big difference between what a buyer thinks they can buy and what they can actually buy. They presume and lose Good Post
I've gotten to the point to where I have a lender's pre-approval before I go out with them. No sense in wasting time or getting hopes up.
I'm usually fine with giving them one free day where we can start to get to know each other a little and look at what they want. Afterwards, they must be preapproved.
Judi:
I have learned my lesson. I don't take buyers out to look for property until they are pre-approved. It is not worth the effort. Buyers must do their part and the least they can do for me is to be pre-approved.
Juli - It makes sense to be pre-approved before going out to look at homes. Otherwise it's just disappointment and wasted time.
I only show homes to pre-approved buyers who are ready to purchase. Why look at houses that will not be on the market 30 days from now if the buyers are not ready to purchase immediately.
Hi Julie,
I cannot imagine why you would have people in your car who are not preapproved?
First things first.
Phil
What a bummer for your buyers....but they've got to get their stuff together so they are ready for the next one! Lesson learned, no doubt!
BOO!!!!!!!!!
I hate showing homes in the heat and right now with our inventory situation I am capping myself off with two buyers. Both are writing offers site unseen thankfully!
LOL, Renee, you scared me, LOL. I actually took ill on Saturday showing homes. And, guess what - he decided just to rent an apartment for a year to "let the market settle a little." GRRRRRRRRRRRRR.
With the market quickly turning to a Seller's market in so many parts of the country, homebuyers need to be ready to make decisions more quickly. There is nothing sadder than missing out on a home and having regrets about it. And I hear you about the price of gas, and how quickly we can go through a tank of it!
Buyers truely need to understand the market has turned in most areas. They need to be prepared before they head out to look at homes to make an offer if they find the right home.
Congratulations on the feature Juli, it is well deserved. Your clients are lucky to have you for their agent!
Juli, after a buyer looses a couple of homes that way they do tend to listen up. I've gotten much more insistent about buyers getting pre-approved.