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No Thank You, We're Just Looking

By Bill & Cyndi Daves

Real Estate Agent with Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! GA 281904 and NC 185282

January 05, 2012 02:30 PM

Pre Approval

Given the current market conditions we made a decision a couple of years ago to focus on marketing foreclosures. When working with a buyer who wants to look at foreclosed properties, it is a requirement that they get pre-qualified for a loan with a local lender before making an offer. In order for the process to go smoothly we ask that they provide it up front, in the beginning.

All the marketing efforts we have been doing lately have started to bring in a good amount of buyers, many of whom are looking for fair market (non-foreclosure) properties. Since we know how quickly a well-priced home can go in today’s market, we now require that ALL buyers get prequalified for a loan before we start looking.

We have a great relationship with a local lender who can qualify a buyer in a matter of minutes over the phone or in the office. So, what happens when the buyer sitting in front of you says they don’t want to talk to a lender right now. I don’t know whether it’s because we’ve been so busy lately or if we’ve just wised up and become more selective. But, if a buyer is not willing to spend 15 minutes on the phone with a lender, I have to question if they are really interested in BUYING or if they just enjoy LOOKING. Ducks

So, Mr. and Mrs. Buyer please don’t be upset when I ask you to spend some time getting your ducks in a row. I promise you’ll thank me when we find the perfect home for you and the sellers accept YOUR offer because it’s accompanied by a letter that shows YOU really can BUY their home!

Happy Buying,

Cyndi

If you’re interested in learning more about foreclosed properties in this area, please give us a call and we will be happy to send you a FREE list!

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KAREN THOMPSON, GRI, REALTOR

KTHOMES, LLC - Frederick, CO

Colorado Homebuyer Pro

Well stated! It is SO important for buyers to be preapproved for financing, especially in today's market. Your buyers will indeed thank you in the end.

Jan 05, 2012 02:32 PM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

I'm having this issue as well. One buyer on listing book wrote me a note: "I want to see this house." We hadn't met, and frankly, I would prefer a more polite request not a demand. So I wrote back saying that it was great tha she had found things she wanted to say and I asked if she was preapproved for a loan. The response was that she would consider getting preapproved in a few MONTHS.....My response was NEEEEXXXXT!

Jan 05, 2012 02:33 PM

Sonja Patterson

Keller Williams - BV - College Station, TX

Texas Monthly 5-Star Realtor Recipient for the Hou

Bill and Cyndi, I passed up a showing this week--saying "I would be HAPPY to show you this home after you talk to my lender friend who can prequalify you in a few minutes over the phone." Prospective buyer was a little miffed, but she did call my lender friend, and she cannot buy until home in NY is sold...so you are RIGHT. We can save A LOT of time by requiring the buyer to speak with a lender FIRST!

Jan 05, 2012 02:35 PM

Kimberly Tapscott

Keller Williams Prestige Properties - Stamford, CT

Giving you the service you deserve!

Very nice. Part of the homework my clients get after the buyer consultation is to get their pre-approval. Once they have that we go out. I don't what them to lose out on the property of their dreams, plus I don't want to show them something outside of their price range.

Jan 05, 2012 02:37 PM

Mona Gersky

MoonDancer Realty, Dillsboro,NC - Sylva, NC

GRI,IMSD-Taking the mystery out of real estate.

Hi Cyndi, not only would taking a non-approved buyer to look at houses cause you to spin your wheels and energy but it also gets the sellers hopes up unnecessarily.

Jan 05, 2012 02:37 PM

Patrick White

Home Driven Realty, Inc - Baldwin, NY

Driven to bring New Yorkers home

Good Evening

Thanks for the post. Have a great day

Jan 05, 2012 02:38 PM

Bill & Cyndi Daves

Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA

TeamDAVES - Your REALTORS In the GA/NC Mountains!

Karen and Rhonda - I agree - they may hate us and think we're being unreasonable in the beginning. But, when they win the house because their offer was accompanied by that letter and another offer wasn't, they will thank us!

RuthMarie - Amen!! In a few months, really?? Great, that's when we'll start looking because the house she falls in love with today won't still be around when she's ready.

Jan 05, 2012 02:44 PM

Bill & Cyndi Daves

Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA

TeamDAVES - Your REALTORS In the GA/NC Mountains!

Sonja - I bet you were happy to know that you didn't waste your time OR the buyers!

Kimberly - That's a whole other post making sure that they don't shop for more house than they can afford.

Mona - Can you imagine how it would be if every SELLER asked to see a pre-qualification letter before they would let you show their home. That puts a totally new spin on everything!

Jan 05, 2012 02:46 PM

Bill & Cyndi Daves

Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA

TeamDAVES - Your REALTORS In the GA/NC Mountains!

Patrick - You're very welcome.

Jan 05, 2012 02:46 PM

Karen Winters, Berkshire Hathaway HomeServices KoenigRubloff

Berkshire Hathaway HomeServices Koenig Rubloff Realty Group - Chicago, IL - Chicago, IL

Chicago, IL

No matter how many blog posts I see on this, it seems to get harder and harder to convince buyers to speak to a lender early in the buying process. I would like to see more and more consumer oriented general news reports, NAR commercials & print ads, and even those HGTV entertainment shows, stress the importance of getting financing in place first.

Jan 05, 2012 02:46 PM

Dorian Moffat

Halo Group Realty - Allen, TX

No financing = you are not ready to start looking.

Jan 05, 2012 03:08 PM

Barbara Todaro

RE/MAX Executive Realty - Happily Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Good morning, Bill and Cyndi.....there's no point in showing anything to anyone who has not been pre approved....

Jan 05, 2012 09:23 PM

Bill & Cyndi Daves

Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA

TeamDAVES - Your REALTORS In the GA/NC Mountains!

Karen - That's an excellent idea!!! Not having a preapproval letter is like going to buy groceries and leaving the checkbook at home. Of course, we HAVE had people come in from out of town to make an offer on a house and not bring a checkbook to make their earnest money deposit.

Dorian - Totally agree!

Barbara - It's a total waste of time -- theirs and ours!

Jan 05, 2012 11:19 PM

Wayne Johnson

Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX

San Antonio REALTOR, San Antonio Homes For Sale

Getting some to do a preapproval is sometimes tougher than getting those ducks in a row.

Jan 22, 2012 02:25 AM

Bill & Cyndi Daves

Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! - Hiawassee, GA

TeamDAVES - Your REALTORS In the GA/NC Mountains!

Wayne - I have asked clients if they would go to do their weekly shopping at the local supermarket without their checkbook, cash or credit card. Likewise, why would you go shopping for a home without knowing if you could pay for it!

Cyndi

Jan 22, 2012 02:46 AM