Special offer
Jordan Ayan, Luxury Market Expert, CLHMS,Million Dollar Guild (The Lifestyle Collection)

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Rainmaker
5,112,471
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

(1) How does what you know about the agent indicate that their buyer is not qualified?

(2) I am only interested in a pre-approval (not a pre-qualification) letter if/when a buyer makes an offer. 

(3) By the way, I'd be very careful asking for this if you are not asking for one from each and every prospective buyer coming to look... I'd be concerned about a discrimination law suit if word got out.

Mar 26, 2018 07:12 AM
Rainmaker
1,056,272
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Wait a minute. Based on what you know about the agent? What exactly do you know about the agent that would cause you to request paperwork from a buyer that you don't know?

What you could do, is tell the agent seller wants only qualified buyers to view the property, can you tell me whether you have a PQ and/or proof of funds in hand?

Then what will you do if they say that's not your business right now. You still need to cooperate.

Mar 26, 2018 07:12 AM
Ambassador
2,456,409
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

If the seller wants me to ask everyone for a preapproval letter prior to showing, I would do so. Otherwise, I wouldn't put any impediment to a specific showing that could lead to a valid buyer.

Mar 26, 2018 07:19 AM
Rainmaker
4,582,284
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

It depends.  I'm in California it always depends.

Mar 26, 2018 07:12 AM
Rainmaker
5,772,587
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jordan,

Like Michael Jacobs we are from California and it does depend.  However, as I read the answers, I think that Nina Hollander makes an excellent point, and one shoud not judge on previous experience.  One of the agents that many considered "flaky" brough us a tenant whose lease was paid by Disney.  And Disney is not flaky at all...

Mar 26, 2018 07:18 AM
Rainmaker
5,583,328
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

no, but I'd demand to see a preapproval letter and details about the buyers qualifications, if an offer was written and submitted....

Mar 26, 2018 07:07 AM
Ambassador
5,060,544
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

If you are concerned in general I would put this in the listing as it is something that should be asked of  EVERY buyer and buyer agent.  What is it that makes you suspicious?

Mar 26, 2018 07:46 AM
Ambassador
2,684,569
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     High end houses, Tallahassee brokers want pre-approval or proof of funds letters prior to showing.   We don't need sightseers gawking at luxury houses.

     For other properties, we don't require a letter prior to showing, but your offer must be accompanied by a pre-approval letter.

Mar 26, 2018 07:38 AM
Rainmaker
4,900,966
Richard Weeks
Dallas, TX
REALTOR®, Broker

I don't think this is a decision an agent should be making.  Give advice to you client and let them make the decision.  In addition having this restriction on some buyers and not all may be a violation of fair housing laws as you are not providing equal levels of service.

Mar 26, 2018 07:37 AM
Rainmaker
1,506,013
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It's a common practice in Malibu and other places where the prices start at $5m and go up, up AND AWAY!  It's required on the $87m property by me too if memory serves.

Mar 26, 2018 08:59 AM
Ambassador
3,349,404
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Whatever you do make sure you level the playing field ... what you ask of one ask of all. 

Mar 26, 2018 08:22 AM
Rainmaker
402,010
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

I always state in the listing that a Pre-Approval Letter of Proof of Funds Letter accompany an offer.

If the Seller wishes to restrict showings by requiring a letter before showing, we would have to have a discussion on that.

 

Mar 26, 2018 08:13 AM
Rainmaker
1,712,030
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Not unless they're submitting an offer.

Mar 26, 2018 07:36 AM
Rainmaker
5,239,029
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wouldn't waste my time with a pre-qualification letter. I know nothing about there buyer. 

If they were submitting an offer would ask for a pre-approval letter to help the offer.

Mar 26, 2018 07:29 AM
Rainmaker
269,109
Terri Woods
Benton, Linn and Douglas Counties - Days Creek, OR
Selling Homes and Land in Oregon

If the home is in a price range that is considered a luxury home, yes. And I would put that a prequal letter is required prior to showing in the agent comments.

However, I really try and make my listings very easy to show. So unless the showing is a burden to the sellers, I would not be too worried about it.

I would be very careful about treating one agent different than another. It may be perceived as discrimination though you were basing it off of past actions from the agent.

Mar 26, 2018 05:04 PM
Rainmaker
4,434,177
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Mar 26, 2018 01:32 PM
Rainmaker
2,784,566
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Pre-approval letter subject to apprasisal at offer stage. Showing no... Unless it is a high-proced home and you want to weed out time-wasters and looky-loos

Mar 26, 2018 12:59 PM
Rainmaker
1,299,367
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Unless the seller has asked for you to ask each and every agent to show their client is prequalified before all showings it is a can of worms that should not be opened.

Mar 26, 2018 12:17 PM
Rainmaker
3,986,308
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Some of my clients have requested one 24 hour in  advance.   Only ask if the seler requires it

Mar 26, 2018 11:54 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Most buyer agents are checking their buyers, there are a couple around her who are known not to and i will ask. I like to see pre approvals more than pre qual. I will ask if they have pre qualfied the buyer without hesitation on my luxury listings

Mar 26, 2018 10:57 AM
Rainmaker
1,466,257
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jordan Ayan No, submit a pre-approval letter with the offer.

Mar 26, 2018 09:18 AM
Rainmaker
7,863,214
Roy Kelley
Retired - Gaithersburg, MD

No.

However, I would not be showing properties to an unqualified prospect.

Mar 26, 2018 08:25 AM
Rainmaker
2,400,161
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Probably not for a showing unless I had reason to believe the Buyers intentions we not honest.

Mar 26, 2018 07:18 AM
Rainmaker
715,782
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

That is a legitimate concern and a legitimate request.

Mar 26, 2018 07:09 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Candice A. Donofrio nailed this one!

Mar 27, 2018 05:37 AM
Rainmaker
4,800,132
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I wouldn't unless it was a super high-end listing.

Mar 27, 2018 05:20 AM
Rainmaker
4,319,773
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Jordan Ayan - depends on what kind of showing it is. For luxury home, yes!

Mar 26, 2018 10:56 PM
Rainmaker
1,624,853
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is really required for showings in my hood, unless it is a high end property.

Mar 26, 2018 09:18 PM
Rainmaker
2,191,798
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Equal treatment for all

Mar 26, 2018 08:12 PM
Ambassador
6,418,120
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Dont waste your time on the PreQual, go for the PreApproval.

I do require this on all showings in tenant occupied homes.

Mar 26, 2018 07:33 PM
Rainmaker
902,038
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

You may ask, but you may not get. The more appropriate time would be if an offer were being placed. Your suspicions are "hearsay".

Mar 26, 2018 07:07 PM
Rainmaker
3,988,013
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I know some agents do this before showing, but I would not. You never know for sure until the buyer really wants the house. I have seen rabbits pulled out of  hats.

Mar 26, 2018 06:25 PM
Rainmaker
1,241,754
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Our area no preapproval letter,pof,  3 % deposit, no release in appraisal.  No processing of offer.  No exceptions.

Mar 26, 2018 10:12 AM
Rainmaker
4,960,530
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I put in Brokers remarks, need lender letters with all contracts.

 

Mar 29, 2018 10:53 AM
Rainmaker
5,877,335
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

How would we know?    If they present an offer, they better have a lender letter or proof of funds.

Mar 29, 2018 09:02 AM
Rainmaker
1,323,044
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

If my listing is a very high-end property, I might want proof of financial capability to perform in order to screen out looky-loos. I might also want to be there for showings. No idea why you have a concern about the agent, of course, and do not want to know.

Mar 26, 2018 03:45 PM