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Are you mad at a real estate agent?

Are you upset with a real estate agent because they won't show you a house without a pre-approval letter?

Here are the real estate agent's reasons why they won't show you a house without a pre-approval letter

  1. Home sellers and listing agents won't accept a purchase offer without a mortgage pre-approval letter. Home sellers want to know that the buyer can buy a house and that it isn't a dream. I used to do mortgages and I can't tell you how many people think they can buy a house. But there is no way they would be approved for a mortgage by lenders. So if you don't have a pre-approval letter then you can't get your purchase offer accepted. It won't even be looked at. They won't even accept it if there are no other offers.
  2. Without a pre-approval letter you are just a "looker". If you are not serious enough to get a pre-approval letter then you aren't a serious buyer in the eyes of many real estate agents. So why should they waste their time and gas to show you a house you are not serious about. It doesn't take much time to get a pre-approval letter. So many real estate agents feel if you won't take 20 minutes to get a pre-approval letter you are not serious about buying. Agents want serious buyers. They have seen enough houses they don't need to see another one with somebody that isn't ready to buy.
  3. The line "I'm serious" or "I'm going to buy" and it won't be with a real estate agent that won't show me a house with out a pre-approval letter. Unfortunately as most experienced real estate agents and mortgage people will tell you.... they want serious buyers that can prove it. In today's market many people can't get approved because of the tougher bank rules. Even though you think you can or that your were approved a year or two ago. It's a new world of banking and mortgage lending.
  4. Real estate agents are busy like everybody else in life. They only have so much time in a day. Do they spend it with a serious buyer who has a pre-approval letter or a "looker". They would rather spend time with their family or enjoying time off than a spend time with a non-serious buyer.

So my advice to anybody thinking of buying a home..... get your financial affairs in order and see a mortgage lender to get a pre-approval letter. Plus you should have figured out what you want in a monthly payment before you go to the mortgage lender. It will only take a few minutes to get pre-approved and you will be ready to get the home of your dreams.

Whether you are a Livonia real estate home buyer or a Farmington Hills home first time buyer get yourself a pre-approval letter.

Russ Ravary your Metro Detroit real estate agent

helping Oakland and Wayne County real estate buyers and sellers (Michigan)

search Metro Detroit homes

Posted Saturday Jun 20
( 06/20/09 09:17AM ) — Charlie Ragonesi 706- 579-1098

I am more mad at agents who lack coutesy and think playing hardball is the way to make a deal. So no I feel sorry for those who waste their time

( 06/20/09 09:26AM ) — Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info

I honestly can't figure out the above comment 

( 06/20/09 09:28AM ) — Roy Kelley

Well written post. Every buyer agent should require pre-approval before any properties are shown. The process can be explained during an initial planning meeting at the real estate office.


Follow me on Twitter: http://twitter.com/roykelley

( 06/20/09 09:32AM ) — Fort Wayne Real Estate by Brian Kuhns

I agree Russ with all your points, would just like to add that it saves everyone involved a lot of grief..had a client who looked at a house (not originally with me) then couldn't get approved for the home. In such cases they usually get upset, and who are they gonna blame? Not themselves I'll guarantee you that one. Get them pre-approved !!

( 06/20/09 09:33AM ) — Donna Harris, REALTOR® & ASP - Hill Country Austin Lakeway Homes

No one gets in my car without proving they can actually buy!  I don't care if they think they've got awesome credit, show me!  Oh, and don't cancel your appt multiple times and then think you're getting in my car either. If you can't schedule the time with the mortgage person, how are you going to schedule the time for inspections, negotiations, and getting all your paperwork turned in to get to closing?

( 06/20/09 10:18AM ) — Dan Grammatica, e-PRO

Some lenders don't do pre approval letters. They claim there is more paperwork and federal regulations that they have to deal with. One of our most popular banks in Torrington Ct doesn't give pre-approval letters and they do the most mortgages in our area. Going by your rule we would lose several buyers. Everything is local to your area. Yes, there are other lenders that offer pre approved letters but people in town have been dealing with the local bank for generations,

( 06/20/09 10:26AM ) — Margaret Woda, Maryland Real Estate

I agree on all counts PLUS I would add #5: SAFETY - The lender has verified the person's identity, where they live and work, etc.  Chances are it's not an axe-murderer - but if it is, the lender would know where to send the police!

( 06/20/09 09:16PM ) — Brian Brumpton, Boise Idaho Real Estate

Russ,


Great points and solid advice.  I'm not one to run out an unlock doors.  First I always ask if they're working with someone and if not I ask them to come in so we can go over the process and then we'll start looking at properties.

( 07/01/09 08:54AM ) — Jim Mushinsky

All great comments.  These are also some of the reasons why I use a Realtor each time I have sold and bought houses.


Margaret, nice additional comment on the safety!

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