Some buyers just don’t understand just how important this is. It is truly one of the most important things a home buyer can do before contacting a Realtor to be their buyer agent. Some buyers get offended when a real estate agent asks them if they have contacted a lender. This shows the lack of understanding of how the process works. A Realtor is not pressuring you when they ask about your talk with your lender. They are actually doing you a service and doing their job. A buyer should actually be more worried if the buyer broker doesn’t ask this question.
It is the buyer agent’s job to be sure you can afford the homes you are looking at
When a buyer’s agent asks you if you have spoke to a lender about your mortgage and what the outcome of that conversation was, he is actually performing his duty as real estate agent. One of the material facts he is required to disclose to listing brokers is a buyer’s ability to close on the property. A real estate agent is not allowed to write a contract that he knows a buyer can’t perform on. That is why it is so important to keep your real estate broker informed about your conversations with your lender. Your broker will also most likely talk to your lender on multiple occasions to make sure things are moving forward. The buyer agent also must inform the listing broker immediately during the life of the contract if they learn you are unable to close for financial reasons such as loss of job or change in your economic situation.
The buyer agent is making sure you are not wasting everyone’s time
Another reason a buyer broker should inquire about your ability to get a mortgage is that if you can’t get a mortgage or qualify tor a house in a specific price range is it is truly a waste of time for everyone involved. It takes time for a seller to get ready to show their home for each appointment, the buyer broker needs to meet you at the home and show you properties you might be able to purchase. It wastes the buyers time as well. No one wants to spend time looking at properties they can’t buy.
In a seller’s market you must be ready to submit an offer that day
It is sellers market in most the US in 2018. If a buyer sees a home they like and they are ready to make an offer they need to be ready to make the the offer fast or they will miss out on the home. It is also required by almost every single seller now for the buyer to submit what is called a pre-qualification letter with their offer. A pre-qual letter is a simple letter, usually about a paragraph, from your lender saying if all the info you gave them can be verified you can get a mortgage on a particular home. This letter must be submitted with your offer for the sellers to consider your offer valid. Most real estate agents will advise their sellers not to sign the offer until they get that letter. The sellers don’t want to take the home off the market and find out in 2 weeks a buyer can’t get a mortgage.
Some luxury homes can’t even be viewed prior to proof of ability to purchase
Some luxury homes are not even accessible to buyers until they either show proof of funds or a pre-qual letter. It is isn’t uncommon when working with other luxury brokers for them to ask me to present them with proof a buyer can afford the home. This is understandable and an acceptable practice in the luxury home market. It is for the sake of bot wasting people’s time but also security. Almost every 4 million dollar home has some pretty nice stuff in it. The sellers just want to make sure it just isn’t someone looking to case the place.
Orson Hill Realty
Real Estate Agents at Orson Hill Realty for Buying and Selling Your Home
Our real estate Agents and Brokers are all Realtors so you have a higher level of ethics and experience. Our staff is also Very Active in the Community – All Orson Hill Realty agents and brokers are local and love their community. We strive to keep our hands on the pulse of the community by being involved in every aspect of the area. We volunteer, have open houses, work at our schools and local sporting events. Don’t forget to visit or get listed on our local business directory! Have a piece of mind when you hire Orson Hill Realty Realtors. Know we will handle everything in your real estate transaction professionally and ethically. The broker/owner of Orson Hill Realty is also a Realtor in Southwest Florida. We would like the opportunity to win your business. Buyers and Listing Agents…
We Want to be Your Real Estate Agents…
Real estate agents understand the importance of an online presence and the best technology for our buyers as well as our sellers. For buyers our technology is important because in this fast paced real estate market you need to be notified immediately when a home becomes available on the MLS (Our multiple listing service) You can also do a very detailed home search through our portal that is updated multiple times a day to have the newest and freshest information on homes being listed, sold and going under contract. We also push all of our listings out to a huge amount of online sources, so that you can find your new home with ease!
