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