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FIVE easy questions help prequalify buyers BEFORE going $hopping...

Real Estate Agent with Fantis Group Real Estate

Everybody knows loans have changed...or do they?

Every week I talk to buyers who don't know loans have changed.  In many cases, people need 5-10% or more, depending on the type of property.  Many buyers don't know this!

If we show homes without asking the critical questions, we're doing ourselves AND the public a lot of disservice.  Here are some ways to ask if someone is pre-approved for a loan:

  • Do you have a preferred lender or loan officer/originator?
  • What type of loan are you going to utilize for your purchase?
  • Interest rates have been really volatile lately.  What did your lender quote you?
  • Is your lender charging you closing costs up front, or rolling them into the loan?
  • Have you locked an interest rate and if so, when does the lock expire?

I'm sure are there are many other questions and ways of asking if buyers are on the right track.  Any other ideas out there?


Tony Fantis, ABR, Associate Broker
RE/MAX Associates - Salt Lake City, Utah

Ann Cummings
RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent

Hi Tony - your title question is a great one.  I have, at times, felt very uncomfortable asking some questions, but then I get on with it and find a way to find out what I need to know.  Oftentimes, sellers require their agent to ensure as best they can that any potential buyers be pre-approved, and I pass that on when receiving showing requests.  This kind of information also comes out during the initial meeting with buyers.

Good questions!

Apr 19, 2008 11:42 AM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate
I always just ask if they are approved or preapproved for a loan.  Leaves no doubt what I want.
Apr 19, 2008 11:43 AM