Why it is more important now than ever before to talk to a lender BEFORE you begin looking at houses.

Reblogger Michele Reneau
Real Estate Agent with Certified Staging Professional (CSP) Elite Instructor

I couldn't have said it better. Richard Weisser does an excellent job in his explanation. I have seen the disappointment many times with buyers who were confident a preapproval wouldn't be an issue.  And even when a buyer has a preapproval, there are still many hoops to jump.  I work with several lenders who are willing to put a buyer through underwriting where things might be questionable so that the buyer can be confident through the process of where they stand.  Not all lenders are alike when it comes to getting a preapproval.  Choose wisely. Ask your realtor for recommendations. They work with many lenders over and over and know how they operate.

Original content by Richard Weisser


The first step in purchasing a home is talking to a lender.I talk to potential buyers every day. Most of them give me a call about a specific property they have seen on the Internet that they want to see right away.

At some point in the initial conversation, I ask if they have talked to a lender about prequalification. Most admit that they have not, but indicate that they have excellent credit and have purchased many homes in the past.

Often, when I try to tell them that the criteria for obtaining a loan are much more stringent these days, they feel like I just don’t want to show them the property. That is only partially true. I don’t want to show them property until they talk to a lender.

There is nothing worse than having a buyer fall in love with a property that they later discover that they cannot purchase. It is morally devastating and a frustrating waste of time and effort.

It is much better start the process correctly, and to have a preapproval letter in hand, ready to attach to an offer to purchase. No time is lost, and the offer is much more appealing to the seller.

And even more importantly, it is better to discover potential stumbling blocks early in the game, when they can be addressed and corrected.

So when I ask a buyer to speak to a lender, I am not putting them off unnecessarily.  I am only doing my job as a professional to serve them better.

And to help you get the best deal on your next home purchase.


All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
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Scott Baker
www.eHomeReports.com Coldwell Banker West Shell - Liberty Township, OH
Realtor Homes for Sale in Cincinnati, West Chester, Mason, OH Area

Having them speak with a lender before showing them ANYTHING is normal. It is in EVERYONES best interests.

Thank you

Mar 25, 2010 11:50 PM #1
Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Rockledge, FL
... a small office, delivering big service!

I think speaking with a lender first shows signs of a serious buyer - not a tire kicker!

Mar 25, 2010 11:57 PM #2
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Michele: Next to talking with a lender in importance would be getting the lender all the information they need!

Mar 26, 2010 04:50 PM #3
Michele Reneau
Certified Staging Professional (CSP) Elite Instructor - Summerville, SC
Realtor, GRI ~ Charleston, SC Relocation Experts Team

Scott-It's amazing the number of buyers that get offended by it, but yes, its normal.

Gary-I agree but it's amazing the number of buyers that start with a realtor versus a lender.  More times than not, I do the refering to the lender, rather than the other way around.

Matt-I'm amazed at how lenders issue preapprovals without getting more concrete information. My preferred lender asks for all documents upfront.

Mar 28, 2010 01:02 PM #4
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Michele Reneau

Realtor, GRI ~ Charleston, SC Relocation Experts Team
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