Banks have a"stress test" -- give your buyers a "stress test" too.

Why not? Don't we need to know the status of those that we are about to spend our limited time with? I certainly feel that a buyer needs to at least pass a simplified test. That test to me is the pre-qualification with a lender test. Is that really to much to ask? Isn't it prudent for them to find out how much they can afford (be approved for) in order to establish the criteria of homes we go out to see. My number one rule is to push for the buyer to get the pre-approval before we "show" homes. I know (and have had) some buyers prefer to "look first" and then apply for the loan -- but this is a disaster waisting to happen. IF a buyer will not get pre-approved or a least call a lender, then how serious are they? I for one can not spend my time(and that is what we are selling) showing homes, only to find out later that the buyer can not get a loan of that amount or in fact a loan of any amount. This week I had to "fire" a client that just refused to do a pre-approval first - "she said she knows that is the way everyone says to do it, but that she wants to do it her way, sorry!!!). If I can not convince her of this primary issue, then what chance do I really have with her in the long process?? -- none, so cut my losses and run. Experience tell me that she is hiding something, and I can not do this.

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