I Want to Find a House First and then I will Talk to a Lender!

Reblogger Dale Taylor
Real Estate Agent with Re/Max 10 New Lenox Illinois

One the most challenging calls I get daily, is when a Buyer insists on touring a home before they have taken the time to get pre-qualified.  I am convence of two truths, we all really know our basic credit standing as well as we know our own body odor.  Secondly, a Buyer not willing to get pre-qualified at the very start of their home search process is really just window shopping, and not willing to admit it.  Experience has taught me they may really know they are not ready to purchase now.  Jane below defines it as tripping and falling.  I was talking to an Insurance colleague who reminded me of how we as the professionals daily try to find the right words to say to motivate our Buyers to do the right thing at the very start of our serving them.  In an effort to establish a loyal client relationship this initial conversation can go very bad when a Buyer elects to acting very stubborn on this issue.  I find myself striving to make them understand I care about them, and just want to help them travel the smoothest road possible to their purchasing goal.  The hardest part for me is taking that stand or drawing the line in the sand refusing to show them the home until they show me they are willing to be cooperative.  Indeed, I have loss some potential Buyer Clients because they felt I was not cooperative.  Over these fast 25 years I have found the most joyous transactions had the important ingredient of a Cooperative Buyer! ...    

Original content by Jane Peters BRE# 01439865

I was just approached by a potential buyer,  enquiring about a Los Angeles home for sale.Approval Keys

My first question to her was whether she had spoken to a lender.  Her answer was no.  I told her that she needed to do that before starting the process of buying a Los Angeles home.  Her answer:  "I just don't want to talk to a lender and not find a home. So I figure I could just work backwards."

We do not work backwards when buying a Los Angeles house. We look and work forward.  The very idea of working backwards is a negative one.  The only thing that will happen is you will trip and fall.

No good Realtor® worth his or her salt is going to work with you if you are not pre-approved/qualified by a lender and you do want to be represented by a good Realtor® who is going to look after your best interests.

Why do you need to be pre-approved/qualified before buying a Los Angeles house? 

In the best of times you need to find out how much home you qualify for.  And especially in today's lending environment.  Unless you are an all cash buyer you are going to have to jump through several hoops before a lender is going to give you that all-important mortgage.  What you consider credit-worthiness and what the bank considers credit-worthiness are two totally different things.

I am sure you will find a Realtor® who will work with you, but why would you waste  your time looking at homes which you cannot afford?  Wouldn't you rather spend your time making your search a realistic one.  If you start looking at homes above your price range and fall in love with one, unless you come up with the difference in cash you are not going to get it.  And then you will be disappointed when you start looking in a lower price range.

What if there is a home on which you want to make an offer at the same time as others want to make an offer.  They are pre-approved and you are not.  Who do you think is going to get the home?  Not to mention that  even if you are the only one making the offer it will not be accepted without a pre-approval letter from your lender.

If you are serious about buying a Los Angeles home you are going to have to talk to a lender one way or another, so why not do it in the right order.  First.  That is the only way the process will work.

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Rainmaker
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Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Thank you for the reblog, Dale.  Finding out what you are going to be able to buy before starting is going to save everyone a lot of heartache.

Nov 22, 2011 05:44 PM #1
Rainmaker
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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I will not work with someone that will not get qualified first.

Nov 22, 2011 05:51 PM #2
Rainmaker
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Dale Taylor
Re/Max 10 New Lenox Illinois - Frankfort, IL
Realtor = Chicago Illinois Homes Townhomes Condos

Yes we have to stay strong and stand our ground on this issue Tim!

Nov 22, 2011 06:35 PM #3
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Rainmaker
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Dale Taylor

Realtor = Chicago Illinois Homes Townhomes Condos
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