Lately there have been a many post here on Active Rain pertaining to prequalification and preapproval letters. This is a argument that has taken on many facets. You first must distinguish between the prequal and the preapproval. You then have to still make sure that you are working with a reputable loan officer that is being truthful about your potentional buyers qualifications. There is also debate whether the buyer should prequalify before the consultation with the sales agent. Some very good discussions have come out these blogs but I have another question that I would like to pose.
How are you handling your cash buyers? I ask because someone contacted me on Monday wishing for me to spend the day showing them acreage. I took my time and spoke with about 20 min before I asked him to provide me with his proof of funds for his purchase since he proudly told me that it would be a cash purchase. He became outraged when I advised him that I would not take him out unless we had verified proof of funds. His response "I KNOW plenty of agents that HAVE and would take me out AGAIN without getting into my business". Well I advised him that showing any type of property to anyone without proof of funds was just not part of my business model so please contact another one of those many agents again. I am sure that they will be glad to have your business, have a nice d-----. Click! I was hung up on.
I don't take any buyer out without knowing how they will fund their purchase. It doesn't matter to me whether it is cash or financed.
How do you handle cash buyers? Do you ask to see proof of funds before spending your time with them?
Comments(5)