If your #1 pick went under contract tonight, would you have any regrets?

If your #1 pick went under contract tonight, would you have any regrets?

When I take buyers out to look at houses in Colorado Springs, the first thing I will do is confirm with their lender that they are pre-qualified and the price that they can afford.  This isn't anything new, but it tells me that the buyers are serious enough to start the lending process.  I make it very clear to them, that a pre-qual is required before we see the first house, because I am obligated to ensure they can afford any house I show them. 

I also require a buyer agency agreement, which is required by the Colorado Association of Realtors, because this protects the buyer, seller, and me, the buyer's agent, and it shows a commitment on the part of the buyer and myself.  If they aren't ready to sign a buyer agency agreement, then I'm not ready to show them the first house.  I make it clear that at the end of the day if either party does not feel comfortable or feel they can continue to work with the other party, then we will sign a prepared amendment canceling the agreement.

When I show properties, I ask the buyers to make notes on all properties and to rank the properties as we see them.  They are only allowed to have three properties on their list.  Then at the end of they day we review the top three properties.  I ask them, "if your #1 pick went under contract tonight, would you have any regrets?"  If they say yes, then I tell them we need to make an offer.  If they say no, then we schedule another day/time to look at more properties.

This is a very successful strategy because the buyers only have to have their top three properties in their mind at any one time.  I have yet to go back to their rejects with my clients to make an offer.