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I've never had to do that, but I do have a listing coming up that will require it. It's a high end property and she doesn't want lookie lous understandably. It will be interesting and I'll appreciate it so I'm not wasting my time either. Shown some houses that people insisted on seeing. Their answer was, jeeze, sure love it, sure wish we could afford it. Wanted to kick them in the butt! They could afford it before the showing, then they were instantly broke after the showing.
That's exactly what we want to avoid. We want seroius inquiries only. We live there and I am willing to accomodate any serious ventures. But not the looky lous. My time is also valuable to me and my family.
Would it be out of line to require a pre qualification letter before we agree to a showing?
The Az Assoc of REALTORS Residental contract provides for, requires, that a "LSR" (loan status report) accompany the offer. This form, to be completed by the buyer and their lender, denotes if the buyer has made an application for a loan prior to making the offer. If they have, the lender completes the bottom portion disclosing if the buyer has been pre-qualified for a loan and, if so, how much.
It is really common in AZ to have buyers pre-qualified before writing an offer. While not a guarantee that the loan will be funded (issues such as appraisals can impact), it does help the seller know if they are dealing with someone who at the very least, has a chance of fulfilling the contract
Would it be out of line to require a pre qualification letter before we agree to a showing?
You could do that, but you might be turning away some very qualified buyers. We have alot of cash buyers around here. They won't be needing a loan and won't have a "pre-qual" letter. Some buyers can obtain a loan easily, have bought and sold many houses, but maybe they just haven't called their lender (or chosen a lender) yet. And let's face it, some very qualified buyers are just plain insulted that someone would want a pre-qual letter before they look at the home. The last thing an agent wants to do is show houses to unqualified buyers. I guess gauging the ability and motivation of your client is something that comes with experience. It's usually the first time and low-end buyer that you need to make sure they're qualified (pre-approved is even better). Once you get to a certain price range, though, pre-qualification is usually a non-issue.
You know, if you've got a very high-end home or are getting so many showings that you feel it's a pain and you want to limit the number of showings, the in-hand pre-qual letter would do that. I find, though, that most sellers these days are just happy to have any showings at all. The last thing they want to do is turn away a potential buyer.
It is not required to have a pre-qual letter.Some agents will bring it.Especially the low end.The high end properties..depends
Your agent should be able to tell.
Good luck!
That's exactly what we want to avoid. We want seroius inquiries only. We live there and I am willing to accomodate any serious ventures. But not the looky lous. My time is also valuable to me and my family.
Absolutely...I wouldn't show my house w/o a prequalification letter. If the buyer wants to pay cash, then the realtor needs to inform me of that beforehand and they would have to put down a decent "good faith" deposit. Otherwise, I don't want to get my hopes up with someone who has no idea if they could even afford the house.
If your meaning you would require a good faith deposit with a contract then ok....I understand that much. But if your saying you would require a "good faith deposit" before you even would allow your house to be shown??? Usually a bank statement proving cash funds are available does just fine....my parents just bought a retirement home with cash and thats all they needed to show.
As a buyer I would never agree to do such a thing...I can see a deposit accompanying a contract but just to see be allowed to show your house, maybe in some markets 2 years ago in some rare places but now...I dont know anyone who would do that!
You can ask your agent to prove the pre-qualification to you, however she/he may not get it from the buyers agent and they may cross you off the list as too difficult to deal with. I know it is hard, but in this market... if you really, really want to sell.. then you need to do what you can to accomodate the buyer. If you aren't really motivated to sell, then now is not a good time to "test the water". I am already in the water and I can tell you it is pretty cold : )
Interesting thread...in NC it is the responsibility of the broker representing a buyer to be sure they are not showing homes that the prospective buyer is not qualified to buy.
Personally I like to prepare my clients and so present the 'kid in the candy store scenario' i.e. meet with the lender, submit documentation that will ensure the least amount of resistance through underwriting and you can buy anything your heart desires - UP TO THAT AMOUNT.
Cash buyers are easy...if you're willing and able to pay cash, may I have the verifications of funds to include in my file so that once you're prepared to make an offer we can move forward quickly and get you to closing.
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