Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As I said, "Now agents may decide they are a judge of character and roll the dice that you have a nickel or two to play with."
I do it myself.
And sometimes I don't do it, and most times when I don't, I am right when I don't.
But, we have two topics tangled.
Sellers who demand a pre-qual letter for a showing are fooling themselves, unless there is something unique going on.
Buyers who protest strongly about demonstrating personal responsibility are often the least capable of performing.
Maybe it's me being naive since I've always passed the sniff test and not been required to produce documentation... I'm not looking at $3MM properties so I'm certain that's a factor, too.
Maybe it's me being naive since I've always passed the sniff test and not been required to produce documentation... I'm not looking at $3MM properties so I'm certain that's a factor, too.
Mikey,
Most BS comes from the lower end, in my experience, first-timers, or people who will never again have credit because they are illegit "1099s" working for cash, or never paid a bill in their life.
I know there are stories about shysters looking at zillion dollar properties, but I haven't had that experience.
But, there are smoothies out there in every price bracket.
I did enough Tin Man home improvement and roofing sales, that I like to think I can read people, but they still surprise me from time to time.
If I was a good looking woman... Well, all of life might be different...
You would have a hard time getting me to houses alone, particularly without a preapproval from someone I knew who had your ID to get you onto a radar screen. There are horror stories.
Mikey,
Most BS comes from the lower end, in my experience, first-timers, or people who will never again have credit because they are illegit "1099s" working for cash, or never paid a bill in their life.
I know there are stories about shysters looking at zillion dollar properties, but I haven't had that experience.
But, there are smoothies out there in every price bracket.
I did enough Tin Man home improvement and roofing sales, that I like to think I can read people, but they still surprise me from time to time.
If I was a good looking woman... Well, all of life might be different...
You would have a hard time getting me to houses alone, particularly without a preapproval from someone I knew who had your ID to get you onto a radar screen. There are horror stories.
My current agent is an older woman and she's discussed horror stories in the past with my wife and I. In one case I flippantly told her to meet me at a property for a late showing after work one night. Vacant house. We're walking up the path to the front door and she told me straight up she'd never meet a random client like we were doing that night. She carries due to some of the RE stories she's heard over the years.
So I get that part of it and as I've said from the beginning - take my license / ID, photocopy it or whatever... I have nothing to hide. But I'm a very private person when it comes to finances. I mean honestly, who isn't?
Nobody around my area has those sorts of restrictions unless we are talking around 10k plus sq ft and in the millions/gated communities.
Seems strange to diminish your chance at selling. Only realtors can show your property.
If you think that wealthy people who can afford your house are more likely to be tidy and/or not thieves, you're mistaken.
To someone like me who doesn't need to sell but woudn't mind trading up it woud be well worth it to lose some potential buyers for the convenience of not having to clean up, be out the house get my dog out the house so some investor can come through my house with no intention of buying just touring the neighborhood.
Like someone else said, a prequal isn't hard to get, if you dont have one your probably not serious about buying and I dont want you wasting my time.
IF I lose a serious buyer b/c of this so be it, I dont need to move.
you can ask anything you want. I'd run it by your realtor, in my area that wouldn't really fly.
I'm not going to give you a prequalification to see a house. if I'm prequaled for 550 and your house is 500 and I want to offer less, I don't want you to see that I have the ability to go much higher.
also realtors shouldn't be wasting their time with unqualified buyers. maybe I had too much faith in a profession with a low bar for entry, but I think out of self interest they wouldn't be wasting their time bringing around unqualified people.
are your neighbors that nosey? I can see at an open house(I've been guilty of that), but making appointments to see your house? really these people need something else to do
This seems to be people's number one argument and I think it's the dumbest argument.
Just because you have the ability to spend 550k doesn't mean me as a seller thinks you'll pay that just b/c thats what a piece of paper said.
Thats like me saying you only got a prequal for 400k so I'll drop th price for you.
Plus most of the time people aren't looking to spend all of what they are prequalified for anyway.
So I get that part of it and as I've said from the beginning - take my license / ID, photocopy it or whatever... I have nothing to hide. But I'm a very private person when it comes to finances. I mean honestly, who isn't?
Yup. Same with the hubby and I. It's just not anyone's business.
If my bank (and it's a real bank... credit union, actually) tells you I can buy a house, then trust that I can buy one.
I think that me being open in general is why my RE agent doesn't think I'm wasting time.
This seems to be people's number one argument and I think it's the dumbest argument.
Just because you have the ability to spend 550k doesn't mean me as a seller thinks you'll pay that just b/c thats what a piece of paper said.
Thats like me saying you only got a prequal for 400k so I'll drop th price for you.
Plus most of the time people aren't looking to spend all of what they are prequalified for anyway.
This argument holds no water.
No... it does. Your example was too broad.
Let's say that you are selling your house for 515k.
Buyer is prequalified for 600k.
Why would you be at all motivated to lower your price if you know the buyer is more than qualified to buy a more expensive home?
Now... if you could see the buyer had a prequal for 505k, and you were selling for 515k, would you be more inclined to attempt to help them buy your home? Especially if you hadn't had a lot of offers and your house had been languishing on the market for months?
I say yes.
Soo... there ya go.
If you have the first buyer, you might want to play hard ball, even though you're highly motivated, because after all, you think your house is worth 515k, and you know they can afford it.
An agent recently showed our home. It seemed to both my husband and me that this couple probably could not afford our $500K home (I know one shouldn't judge by appearance, etc.) but they weren't asking the kind of questions one would expect from a potential buyer and seemed they were looking more for ideas for building their own home. I have no confidence in our realtor (but was the only one who'd take the listing--but that's another issue). From what I've seen, many agents here here do their homework. The agent from the listing office who showed my house had no driving directions, showed up with no info sheets for the buyers no business card, and couldn't answer any of the buyer's questions.
I think both you and those prospective buyers you mentioned here both need better representations. Need to hire better realtors
It would be to your advantage to interview other realtors. Ask and have them address questions and issues.
Hire the one you strongly feel will best represent you, and one who can get you to a closing with a successful sale.
The realtor who works for you becomes your trusted advisor! You need to connect with your realtor regularly.
Being that this is still a buyer's market, you need a realtor who will market your property aggressively and with total market exposure.
Be realistic about the pricing, the market dictates what price range your home should be.
fyi... Don't price it too high that it would scare buyers away... Don't price it too low that you'd be giving money away.
A competent realtor should be able recommend the best market price for the property, based on the current market condition.
A listing agent would typically advise the seller not to be home when the property is being shown by a buyer's agent to his/her client(S).
If you want your home shown only to prospective buyers with pre-approval/pre qual letter, then let your agent know that.
Not everyone may like it and deter some from showing your property, however I say it makes good business sense! Good luck!!
This seems to be people's number one argument and I think it's the dumbest argument.
Just because you have the ability to spend 550k doesn't mean me as a seller thinks you'll pay that just b/c thats what a piece of paper said.
Thats like me saying you only got a prequal for 400k so I'll drop th price for you.
Plus most of the time people aren't looking to spend all of what they are prequalified for anyway.
This argument holds no water.
The fact is though it isn't any of the sellers business what they're pre-approved for.
I'm on both sides of this argument, I'm looking to buy and when I do I will be selling my house. As a buyer I am not going to look at house that requires a pre-approval just for me to look at it. I just won't do it and didn't do it on the house that required it. It rubs me the wrong way for one, I don't think it's any of their business what my pre-approval amount is, their agent being told by my agent that I have a pre-approval should be enough. In addition to me a person being so picky about having their home showed is probably going to be a pain to deal with, so why look at a house that I might fall in love with only to have to deal with a pain in the neck?
As a seller, I won't care who shows my house. I look at it as the more people who want to see it the more prospective buyers. Around here they either have a lock box that records every agent who goes in or they have a lock box that the agent has to call to get the code, so it's not like there is no record of who enters your house and they are supposed to leave a card.
If I decide to sell before I'm moved out then I won't be leaving anything out that I'm worried about someone stealing. Also I realize when I put my house on the market I'm going to be inconveinced it's just the nature of the beast. To me it's a case of how bad do you want to sell your property? The more dificult you make it for your house to be showed, the harder it will be to sell it.
I've sold homes I lived in before and it was a pain at times when you just didn't feel like leaving, didn't feel like dusting and cleaning, etc. but I wanted to sell my house so I did it.
The SELLER IS NOT TOLD ANY AMOUNT THAT YOU ARE QUALIFIED TO BUY A PARTICULAR HOME FOR.
THE SELLER IS NOT TOLD ANY AMOUNT OF THE BUYERS FINANCIAL STATUS.
THE BUYER'S AGENT IS THE ONLY ONE WHO NEEDS TO KNOW THAT THE BUYERS ARE QUALIFIED, AND THE SELLING AGENT HAS TO KNOW THE BUYERS ARE QUALIFIED BEFORE PRESENTING AN OFFER. THE BUYERS AGENT GIVES NO MAX FIGURE AMOUNT TO THE SELLING AGENT. IT IS AGAINST THE LAW FOR A BUYERS AGENT TO DO SO.
IT'S CALLED FIDUCIARY DUTY TO NOT REVEAL THE FINANCES OF THE BUYER, ONLY THAT HE HAS BEEN PRE QUALIFIED BY A BANK OR THE REALTOR.
BELIEVE IT OR NOT, REALTORS KNOW HOW TO QUALIFY A BUYER. AND A BANK CAN GIVE THE BUYER A LETTER OR PRE QUALIFY A BUYER EVEN BEFORE HE HIRES A REALTOR.
Lawdy lawdy, this topic has been beaten up to shreds.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
I think both you and those prospective buyers you mentioned here both need better representations. Need to hire better realtors
