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Good post, good point. There is more than one kind of qualifying out there. The answer is still yes.
Does anyone else ask the magic question: "If we find the right home today, are you prepared to make an offer?"
I ask not only, are you prepared to make an offer, but what type of offer. No need to be blindsided by a buyer who has unreasonable expectations of the current market.
As a Seller I find that it is a complete waste of my time if the buyer has not gone trough the extensive pre-approval process. Pre-qualification IMO is a waste of time.
I had a buyer once who was only pre-qualified when they made the offer only to find out that the long list of contingencies failed to have been met.
IMO` I think some agents are afraid they might offend the buyer and lose the possible sale if they ask for a pre-approval letter. I have looked at homes and never once was I asked if I could afford it.
I think the responsible thing a listing agent could do for their sellers is to request the pre-approval letter before allowing a show. Otherwise you just get a bunch of "looky Lous."
It is a responsible thing to do for everyone involved.
As a Seller I find that it is a complete waste of my time if the buyer has not gone trough the extensive pre-approval process. Pre-qualification IMO is a waste of time.
I had a buyer once who was only pre-qualified when they made the offer only to find out that the long list of contingencies failed to have been met.
IMO` I think some agents are afraid they might offend the buyer and lose the possible sale if they ask for a pre-approval letter. I have looked at homes and never once was I asked if I could afford it.
I think the responsible thing a listing agent could do for their sellers is to request the pre-approval letter before allowing a show. Otherwise you just get a bunch of "looky Lous."
It is a responsible thing to do for everyone involved.
A pre approval letter is not much better than a pre qual letter.
This also leaves out certain circumstances where it is impossible to have them pre approved.
But an agent should try to qualify the buyer if possible.
Agents can only ask the buyers to become pre-approved. They cannot force them to.
Some buyers object to showing their home to anyone who is not pre-approved. If I'm woking with a new buyer that hasn't gotten a pre-approval, or one who is paying cash, but has not found the house yet, and if the seller asks, I will tell them the situtaion. If they don't want to show the house, then we'll look at others.
However, I have to have an LSR to submit with an offer, and that states if the buyer is pre-approved or pre-qualified, and a pre-approval puts the buyer in a strong position in most cases. In the case of cash, then I would need a letter from the bank that funds are available to cover the purchase price, to submit with the offer.
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