Why Do Home Buyers Not Get Pre- Approved to Home Buy?

Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

Why Do Home Buyers Not Get Pre- Approved to Home Buy?


There is something about a bit of financial wisdom that many home buyers do not learn early on in home buying. Buyers who think they know what they can afford in a home and do fortune cookies in ri real estatenot see a mortgage lender are still plentiful.  Why are you doing this to yourselves home buyers??


 It is a travesty to your heart and soul...and of course your pocketbook to not know what level of mortgage you can afford on a mortgage with real estate taxes, water bills, sewer charges, homeowners insurance and maintenance costs.  Do you really believe that the online calculators provide you with all this information?!


And neither do those real estate agents who keep taking you around because they believe you will 'stick' with them to buy when you find out the unfortunate truth to the financial truth in your situation!  Shame on those agents for not making the call for you to a good lender to sit you down and hear the financial reality of your buying a home.


 It makes me furious to hear of new buyers who get their hearts broken by the people in the real estate business.  Another story at a dinner table this past weekend.  We told them to call you the person said but sadly they wanted to do it on their own.  


So blame the media, online apps, real estate agents, etc. for not getting pre-approved for a mortgage.  But remember when you are making the biggest purchase probably of your life do your homework.  Learn, read, study and ask questions from a qualified mortgage lender first and foremost.  You will not be disappointed in the long run when you find the right house you can afford.


Why Do Home Buyers Not Get Pre- Approved to Home Buy?


Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.  When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy Realtor® who sells RI houses in this real estate market, call Ginny Gorman at  401.529.7849 today.


Whether you are buying or selling in the southern RI real estate market or anywhere in Washington County, RI I would like the opportunity to earn your trust and business. I am well versed in all types of residential real estate and will ensure your needs are my top priority!



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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice


Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.


Looking for a knowledgeable Rhode Island Real Estate Agent?  Let me GOOGLE one for you!


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Morris Massre
Pembroke Pines, FL
Real Estate Instructor Broward County Florida

Because they are idiots that think they know everything.

Jun 01, 2015 10:40 PM #1
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

It just doesn't make sense not to be pre-approved before you start searching for a home with an agent.  It wastes a lot of time.....yours and theirs.

Jun 01, 2015 11:46 PM #2
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good Tuesday morning Rhode Island Realtor Ginny Gorman -

I do believe Realtor Morris Massre called a spade a spade.  Can't get much plainer that he comment. 

Jun 01, 2015 11:56 PM #3
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Hi Ginny: Agents who take out buyers to show houses without a preapproval by a local lender are not smart enough to assess what they might be wasting in terms or time, gas and mileage.

Jun 02, 2015 12:32 AM #4
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ginny, this is just dumb!   I would never put a buyer in my car until they have spoken to a lender and KNOW what they can afford. 

Jun 02, 2015 12:49 AM #5
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Ginny. This is a topic that is near and dear to my heart, thank you for bring up the topic in this post. I spend a lot of time on the pre-qualification process, it is crucial to make sure it is done right. Some potential buyers are unrealistic and some overly cautious, we need to make sure we work with to make sure they are in balance between what are comfortable with for a payment  and what they qualify for as a payment.

Jun 02, 2015 12:57 AM #6
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

They aren't homebuyers, until they get pre-approved in my book!  I also agree with the comment left by Roger D. Mucci 

Jun 02, 2015 12:58 AM #7
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ginny another problem is when they find the house they want to buy, and then do not qualify for financing, no other house will ever look that good to them.  They will compare every house to the one they could not purchase, and even if the one they can purchase is better, the other one will always be seen as the better one because it is the one they could not have.

Jun 02, 2015 03:58 AM #8
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Ginny: It makes sense for so many reasons for serious buyers to get pre-approved before venturing out to look for a home.

Jun 02, 2015 08:49 AM #9
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ginny Gorman that's the difference between those 'shame' Realtor(r) (who focus on transaction) and relation based Realtor(r), who want to help the buyers and continue to have good relationship even after the sale.

They guide these buyers - not only for pre-approval, but for almost everything!

Jun 02, 2015 09:01 AM #10
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

I hope all the comments and the post help to educate more home buyers out there that are astray!

Jun 02, 2015 10:33 AM #11
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Ginny - sometimes I have to believe that those that are told to get pre-approved and don't are not really serious. I've dropped buyers who kept putting off speaking to a mortgage professional. 

Jun 02, 2015 11:28 AM #12
Steve McRory
Pro Option Mtg. 888-662-4404 - Palm Beach, FL
Mortgage Loan Originator

Because many Realtors, though getting better, are scared to demand buyers show the bare minimum good faith to them as their buyer's agent as well as trusting sellers to take the basic steps to get pre approved.

As a Florida Mortgage Broker who has made it thru the storm, who has heard and seen it all,  buyers are in a state of denial, Especially all those so called "Experienced" buyers who have not obtained a loan since 2007, who are jumping into this 2015 market and falling flat on their rear ends! 

I've never seen so many "know it all...no nothings" in my life as I've seen over the past 18 months or so of this home price recovery.   I don't want to hear how many millions in real t they've purchased and sold in the past and I tell them so too!

They are Oblivious to what's ahead of them in this new crushing, over -regulated, Dodd Frank Act 2015 nightmare  American Mortgage Market!

You try to warn them about the ice being thin and how they should prepare, but they don't listen and run full speed out on the lake while telling you how much they know and how experienced they are.

 So we end up spending a lot more time trying to save them instead

Jun 02, 2015 12:22 PM #13
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Ginny.  I come from a time when we pre qualified the buyers.  If they don't have a pre qual letter then I have them call a mortgage broker and get one before we go out to see property.

Jun 02, 2015 08:58 PM #14
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home buyers will read this post and learn from it.

Jun 02, 2015 09:19 PM #15
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hello Ginny, thanks for sharing this. This will surely prove helpful to all readers out there. Keep it up!

Jun 02, 2015 11:05 PM #16
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

Well I have found that you can advise them and advise them but some are soooo much smarter than a Real Estate agent it is just crazy! I try to tell them there is a process to go through and getting pre approved is one the first steps!

Jun 07, 2015 01:15 PM #17
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Ginny Gorman

Homes for Sale in North Kingstown RI and beyond
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