I don't want to talk to a lender till I find the house I want

By
Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

As a real estate agent, I have heard of this many many times from a buyer.  And as a buyer, why would you want to spend your time and energy to do all the researches and find out you may be 10 points away from 620 credit score (minimum required credit score) to get a loan approval?

I am saying it can be anything on your credit report that you may not aware of and it stops you fromwalk on tight rope getting a loan.  If you are serious of buying, you owe it to yourself to find out how much you can borrow and how much is your monthly note will be.  Looking at houses without talking to a lender first is just like walking on a tight rope blind folded.

When I work with buyers, the first thing I suggest them to do is to get a loan pre-approval.  You need to know how high you can go, what is your interest rate, what type of loan is the best fit for your financial status.  Tell me, would you know all these answers if you don't talk to a lender first?

I have seen buyers who have very good income still can't borrow a loan, so don't take anything for granted.  Find out for sure and you really owe it to yourself.

Talking about interest rate, it is so low right now, your note could be cheaper than paying rent.  If you think you are ready to be a homeowner, give me a call. 

Disclaimer : photo from  www.nqpaofu.com

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Serving Marion, West Memphis, Crawfordsville, Hughes, Horseshoe Lake, and surrounding areas.  If you are planning to sell or buy, please feel free to give me a call, find out if I am the right agent for you.

 

 

 

Rita Fong, REALTOR®

RE/MAX Real Estate Today

1813 Highway 77  Marion, Ark. 72364

cell:901-488-9590

office:870-735-4663

fax:870-735-4668

http://www.ritafong.remaxarkansas.com

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Kay Van Kampen 08/26/2010 01:58 PM
Topic:
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Location:
Arkansas Crittenden County Marion
Groups:
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Bananatude
Posts to Localism
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Rainmaker
733,503
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Hi Rita, I like that photo with the blog, very fitting. It is an absolute for a buyer to be qualified a loan before looking at properties to make the best out of everyone's time.

Aug 26, 2010 11:25 AM #1
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Eileen, a serious buyer will talk to a lender before start looking, they know what they should do first.  And thanks!

Aug 26, 2010 11:29 AM #2
Rainmaker
5,473,981
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Rita....if a buyer wants to look first, it's because they know there are issues with their qualifying.....don't waiver on that rule....it's a waste of your time.

Aug 26, 2010 12:11 PM #3
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Barbara, that's right. When someone asks me to show them a bunch of homes, I always ask them to get pre-approval first.  I learned that serious buyer doesn't mind to talk to a lender before buying, as a matter of fact, they WANT to take that step first.

Aug 26, 2010 01:08 PM #4
Rainmaker
440,211
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Buyers who don't want to get Pre-Qualified generally know they have issues.  They just don't want anyone else knowing that yet.  Stand firm on the Pre-Qualification requirement.

The ones who are overanxious to get Pre-Qualified usually have issues as well.

Aug 26, 2010 01:08 PM #5
Rainmaker
946,031
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Cudos to you for standing your ground and not becoming a "wheeltor".  I can spend my time better searching for buyers that really want to buy.

Aug 26, 2010 01:48 PM #6
Rainmaker
790,066
Susan Laxson CRS
Palm Properties - La Quinta, CA
Local Knowledge & Global Network

Absolutely crucial that they speak with a lender first - otherwise it is a waste of our time!  ~ Susan

Aug 26, 2010 02:10 PM #7
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Rodney, we can know so much about a buyer when they are asked to talk to a lender.  This main step helps to avoid many problems ahead of us.

Kay, when I was a rookie, I would show anyone, eventually I learned some of them were just users.  Experience does help.

Aug 26, 2010 02:17 PM #8
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Susan, absolutely!  We are not respected at times already, we need to draw the line somewhere.

Aug 26, 2010 02:18 PM #9
Rainer
207,994
Marcie Sandalow
Marcie Sandalow, Compass 301.758.4894 - Bethesda, MD
Bethesda Chevy Chase DC real estate

Very funny photo.  It's crazy to invest any time with buyers who haven't pre-qualified.  And a waste of time for buyers, as well.  

Aug 26, 2010 02:18 PM #10
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Marcie, thank you!  Isn't that true?  

Aug 26, 2010 03:00 PM #11
Ambassador
2,399,764
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Riat, I have to say a big AMEN to your post! Pre-qualify first or just end up wasting a lot of time! Great message!

Aug 26, 2010 03:25 PM #12
Rainmaker
504,301
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Rita, love your analogy and the photo to go with it.  Many don't realize that the prequal is key to the sale.  They may want to buy - but are they able?

Aug 26, 2010 03:47 PM #13
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Wanda, thank you!  If someone is not willing to do their part, there is nothing for us to do on our end either.

Lora, thanks!  Exactly, in this case, thoughts don't count, it needs action.

Aug 26, 2010 04:57 PM #14
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Rainmaker
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Rita Fong

Realtor - Marion Arkansas Homes for Sale
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