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As an agent, i have buyers get prequalified with a lender before showing homes. But i don't have a letter printed until we find one we want to make offer on. I would not send a prequal/preapproval letter just to show a house.
I'm not an agent, so I was wondering: do other (listing) agents ask you about whether or not you qualify your clients before you make an appointment for a showing?
That's what I did. Saved time and aggravation, no waste of time open houses or running out every day for
someone to "view" my home. I assume most realtors want pre-approved buyers to save their time too.
I make sure all my buyers are pre-approved with a lender prior to looking at homes. We also get pre-approval letters that don't include a price when we make the offer. I will also have the lender call the listing agent to reassure that the buyer is well qualified.
Beware of cash buyers. Maybe they are coming into an inheritance and intend to buy house with the cash from that. But you could be waiting for a while for your payment if the probate does not conclude.
It happened to me and I ended up waiting 2 months after acceptance of offer for the sale to come through. By then I was paying for two domiciles.
Do people really still spend their weekends going around open houses for properties they’re not interested in buying? Do agents still spend a whole day showing client around properties they haven’t bothered to verify they can afford?
I'm not an agent, so I was wondering: do other (listing) agents ask you about whether or not you qualify your clients before you make an appointment for a showing?
No, its assumed. I don't know any agents here that will waste their time showing homes to buyers that haven't been prequalified/preapproved.
I've seen a few mls listings with confidential remarks that say something like showings to prequalified buyers only. Its just a reminder and usually on only high price listings.
Beware of cash buyers. Maybe they are coming into an inheritance and intend to buy house with the cash from that. But you could be waiting for a while for your payment if the probate does not conclude.
It happened to me and I ended up waiting 2 months after acceptance of offer for the sale to come through. By then I was paying for two domiciles.
For cash deals we include a proof of funds letter from bank, showing that they have the funds needed to close.
That's a big lot. In our part of LA, a teardown on a 9000 sqft lot would go for over $2MM. I'm not sure about your part of LA, but around here a sale like that would be for the oversized lot, and the existing house would not be there for long.
What if they say they are a cash buyer? Pre approval letters aren't worth much. If your market is really hot you should be able to have an open house the first weekend on the market and pick and choose the offers the next week. In that case you could have your broker suggest they include source of funds and any approval letters with the offers. Would you take a lower offer if it had a pre approval letter with it?
This is what my boss did. He listed Friday morning. Had a showing Friday night, four more showings on Saturday open house Sunday. Monday he had six offers, all over asking. Ended up selling $40K over asking and he thought the listing price was too high from the beginning. Buyers husband never even saw the house except pictures.
This was in Michigan, not a super hot market. It is a sellers market all over. I would not qualify, just get it sold. Once you have six or ten offers you can pick the best price/qualifications combination.
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It's a 2 bedroom 1 bath 
