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In our area you can take classes for first time home buyers. My wife and I did that and learned a lot. Doing it places you in an area that allows you to ask questions that you may not understand. Those giving the class are not benefiting from potential buyers, you can feel free to ask them anything and figure that they will give you an answer that is truthful
I understand that it can be difficult charting the home buying waters. It is aggravating at times and it seems like the process will never end. I remember having the lender ask for document after document. I remember getting calls because they were missing signatures from my wife and me. It just did not seem like it was going to happen until the day we signed our life away. That was exciting for us as we figured that we had finally made it. Even then I was wondering if we had finally overcame all the home buying hurdles. Closing day was worth it.
You should be able to ask your lender anything. I was in contact many times every day with my lender and he always answered ALL questions in a timely manner.
I asked her since when does a cash buyer need approval... she did not know what to say...
What she should have said was for you to show her proof of funds. My buyers either have a pre-approval letter from a lender stating they can get the money, or they have to show proof that they already have the money.
If a cash buyer is not willing to show proof of funds, they are not worth my time. What does it even matter that you already own property? It's even worse if you have to sell that property in order to actually have the funds to buy the new house.
I have never been pre anything... as in pre qualified or have a lender letter in my pocket.
A few months back I was taken aback when a green agent said she cannot show anything unless I have been pre approved...
I asked her since when does a cash buyer need approval... she did not know what to say...
I told her to call her broker and he said it was OK since I own property...
It shouldn't be this complicated but it sure has become complicated.
The problem is that anyone can say they are a cash buyer. Anyone can own property too, but have a mortgage or be underwater on it. The point is don't get mad at an agent who is told by her company how to handle showings.
Over 35 years I have bought/sold dozens of personal properties and never had a 22 year old or anyone say deny showing because I needed a lender letter.
A local Mortgage Broker is a family friend... I asked him about it... said anytime I needed one just call him... takes about a minute... he owns the company and said the ONLY thing the prove is you have spoken to a Lender/Broker.
It is not a guarantee of funding... so basically not worth the paper it is written on... which sounds about right.
It was my own fault... normally I deal exclusively with Broker owners.
If you want to tick off an agent... just hand them a card and say you are working with another agent...
On that particular property I did submit a full price cash offer subject only to an a survey paid for by me... I used my own broker and my offer was 100k over the offer that was accepted that morning...
I did meet with the seller and told her that her agent said I needed a pre approval letter before she could show it... so I called my Broker...
The seller said she wished she would have known another offer was coming... especially since it was a 100k over the accepted offer... my offer was full price and the one accepted was a 100k less.
I'm not happy about it because for 59 days I was in back up position and twice the buyer was out of contract...
That approval letter cost me the property and the owner a 100k
The problem is that anyone can say they are a cash buyer. Anyone can own property too, but have a mortgage or be underwater on it. The point is don't get mad at an agent who is told by her company how to handle showings.
You aren't seeing the big picture of it. If a buyer has a pre-approval letter, that means he/she's given personal information to the mortgage person. That would include address, phone number, place of employment, etc... If I am out showing said person houses, and then don't come home that night, there is someone else with all this person's information to help the police find my body.
It's a safety issue, period, plain and simple. You might think it's an invasion of your privacy and such, as I've had people tell me that, but if you're not willing to give your private information to someone so your credit can be looked at, I'm not willing to risk my life to show you houses and potentially leave my kids without a mom.
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