Not long ago, Buyers in our area of Sacramento were told that in order to even think about buying a home in our fierce Seller's Market, they needed to pre-qualify for financing.
The reasoning there was that in order to get the attention of the Seller, the Buyer needed to demonstrate that they were not only willing, but able to buy -- for more than list price in many cases.
Now that things have changed to much more of a Buyers' Market, it is more important than ever for Buyers to pre-qualify for the financing needed to buy a home. (this goes double if your buyers are chasing foreclosures deals!)
The reason why is plain: no good can come from showing homes clients can't buy - no matter how much they might want to. It's not fair to them, to you, or to those prospective Sellers.
Furthermore, once Buyers know where they stand financing-wise, so many decisions reveal themselves. When people know what their choices are, making a choice is a much faster and easier process.
So, get the dregs of financing out of the way first so that the fun of house shopping can proceed!
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