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Most realtors in my area WILL not show someone a home without that mortgage pre-approval letter.
What made me think about this is that i see many people(non cash buyers) in other areas looking at homes without it?
Also,when i was trying to get pre approved for a mortgage by my bank,they were asking what home i had in mind. I told them i did not have one but he i did give him a price range.
As someone who just went through an exhausting selling process, I would not wish to entertain someone who is not pre-approved. Every showing can be a lot of time and inconvenience, which I do not mind for qualified buyers. But unless its an open house, no, please be approved first
Most realtors in my area WILL not show someone a home without that mortgage pre-approval letter.
What made me think about this is that i see many people(non cash buyers) in other areas looking at homes without it?
Also,when i was trying to get pre approved for a mortgage by my bank,they were asking what home i had in mind. I told them i did not have one but he i did give him a price range.
How do you know the others are not preapproved?
This recent thread shows what it's like to get ready for showings and then hear nothing:
It's a waste of time showing homes to people who have not talked to their bank and gone through the pre-approval basis. You may tell me that you can afford a home in the $350,000 - $375,000 range. So I'll take you out and we'll look at those homes. You see one you like and go to the bank who then points out that with your credit score and debt to income ratio, you only qualify in the $250,000 - $300,000 range. So now we have to start our property search all over and all the time spent looking at higher priced homes has been wasted. Or maybe your credit score is high and debt to income looks good but the bank say no until you sell your existing home first. Or you are moving out of state and the lender wants to see proof of employment first. There is a lot of information that you are going to get from your lender that will frame your home search. To look at homes before talking to a lender is a complete waste of everyone's time, not just yours.
In our area agents won't really work with you till you're preapproved. I guess it does make sense. They don't want to waste time only to find out you can't afford anything you're looking at. We did the preapproval as our first step even before choosing an agent. Now if you mean the seller's agent won't show a potential buyer a place without seeing a letter that sounds more weird to me, I've never encountered that.
What about people who intend to pay cash? What about those who will only need financing until they sell their current home? There are so many scenarios.
What about people who intend to pay cash? What about those who will only need financing until they sell their current home? There are so many scenarios.
I am guessing the 2nd scenario still needs a mortgage approval letter.
Now if you mean the seller's agent won't show a potential buyer a place without seeing a letter that sounds more weird to me, I've never encountered that.
Yes,the seller's agent asked me to fax the approval letter over.
When we sold we had an open house that pretty much sold the house-as we had multiple offers we required all offers to have a pre approval or letter from their bank or wherever the money was coming from even if it was "cash"…banks are more than happy to provide that it would appear as we had letters from banks outlining the cash funds the buyers had...
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