BUYERS: get pre-qualified/qualified first....

Real Estate Agent with Maverick Realty

I have had many potential buyers ask me, "Why should I get qualified or pre-approved for a loan before I even find a home?"  They may further state, when I bought my first home, my agent "never even suggested that. She just took me in her car and we drove me all around and the when I found something I liked, I applied for my home loan."  Yes, I do ask certain pre-qualifying questions first. Depending on the answers, and the amount of house payment desired,  determines if I should show them homes right now.  For example,  If a buyer doesn't have any money, has a low credit score, and doesn't  have a job, WHY in the world would I tempt them with something they can't have? It is setting a buyer up for failure and disappointment!

 Well, in one particular situation, the buyer was wanting to see a particular "HUD" house, which does require you already be  already qualified with a letter to buy as well as have $500-1000 earnest money. (note: amount of earnest money required depends on the price of the hud home for sale) This buyer never did call me back.  Did I miss out on a potential client?  Who knows, but a real estate professional is not a "tour guide" and really should qualify their buyer customers because it really is in the buyers best interest to be a "ready, willing, and able buyer." Buyer's need to be in the best bargaining position possible.  I would rather set my buyer up for success rather than failure!

Well, from my 10 years of experience as a Realtor, I have found that the buyers that will not take the time to apply for a home loan are usually NOT serious about buying a home.  Besides that, the buyer is not putting themselves in the best bargaining position for purchasing.  The first thing a seller, or the seller's agent is going to ask is, "Can they buy it?"  As a matter of fact, some smart sellers require that the house not be shown except to qualified buyers.  Hud homes have very specific requirements and they do so for a reason. They will not have their sale tied up with a promise, they want a commitment. They want a real buyer, one that really wants to and can actually buy! Isn't that what most sellers want? 

 Let me hear from any other Realtors out there, do you promote buyers getting at least pre- qualified first? Or do you at least pre-screen them too?   If there are any buyers out there for the Owensboro, KY area, just call me,   270-315-5354  , Vickie McCartney, Realtor- Owensboro,KY or email me and I  prepare you for the home buying process and can lead you in the right direction and give you a few names of some really good loan officers and get you really ready to buy the home of your dreams. 

 Go ahead and visit my website and take a look at all of the homes for sale in Owensboro, KY and just let me know which ones interest you, or if you have any questions about the home buying process. Heck, I will even go with you to the bank or mortgage company if you would like....

Vickie McCartney,Realtor Home Realty GMAC~ Owensboro, Kentucky

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If you would like to buy or sell a home in Owensboro, Kentucky, please call  270-315-5354, or you can visit  or email me for more specific information on the communites I serve.  Click here to view all properties  for sale in Owensboro Kentucky and surrounding areas. 

Vickie McCartney, Realtor, Broker Associate, ABR,~ Maverick Realty, Owensboro, KY


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Ernie & Barb Suto
Century 21 Preferred Realty - Pompton Lakes, NJ
Hi Vickie, we don't show buyers anything without a prequal or pre approval.....the buyer has to be ready, willing and able, and without the prequal (we like pre approval) as far as we are concerned, they are not able.  It also disguishes between the shoppers and the buyers!
Apr 02, 2008 07:46 AM #1
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA


I agree...without the step to get on the Buyer's part...why take time to show them a home.....especially in today's mortgage climate.

Apr 02, 2008 08:00 AM #2
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.
It saves a lot of time and money.  It also saves a broken heart when they fall in love with the perfect home and find they don't qualify that high.
Apr 02, 2008 08:03 AM #3
Dana Forster
AHome4Sale - Fredericksburg, VA
Realtor, A Home 4Sale Inc, Va


I agree. Our firm does not show anything without a pre-qual letter. I agree that we are realtors and not tour guides.

Apr 02, 2008 10:27 PM #4
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor


i will usually go out once without them being prequalified but bring it up will with them. If they do not get the bank thing done by the next time they want to look; I suddenly am too busy at that time and "by the way, what day are you going to the bank?"

Apr 03, 2008 12:53 AM #5
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Vickie McCartney

Broker, Real Estate Agent Owensboro KY
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