Ever hear the term "ready, willing, and able" buyer? When a person lists their home, they have the right to expect everyone viewing their home financially qualified to purchase in their general price range. For instance, if I have a client who has been pre-qualified by a loan officer for a house price not to exceed $100,000, I am not about to show that client $200,000 homes. If the buyer is an investor who wants to bid on foreclosures, I don't have to explain to them that banks will more than likely never take fifty cents on the dollar. I will do research to find the best deals available and if this investor wants to pay pennies on the dollar, we'll look at auctions and bid. Many foreclosures are already priced well below value. In instances where foreclosures are not well priced, the investor will pass on that listing.
Investors generally call, identify themselves and their bank, and want to proceed quickly. While the average person is looking for a home with value and they have time to look at properties, they must also be pre-qualified. I do not want to know your personal business. I will never ask your loan officer if you are a millionaire traveling incognito. However, I definitely want to know that you have at the very least been pre-qualified. There is an area on listings where the listing agent can write comments that can only be viewed by other agents. If the listing is a foreclosure, I'll be instructed to not only have my client pre-qualified before viewing the property, I should call "Loan Officer X" and have that loan officer pre-qualify the buyer before making an offer. No pre-qualification, don't make an offer. When it comes to million dollar plus properties, BEFORE you can even see the property, I have to fax over your pre-qualification letter or a "source of funds" letter if paying cash. I don't want you to empathize or sympathize with the seller - just understand their non-emotional business sense. It's just business! You will not be given access to their home if you cannot produce a letter from a lender or bank regarding your financial ability to purchase. Listing price is another word for asking price so yes, you will negotiate your head off - that's business. You won't be able to get to first base without credentials. As a REALTOR, it is my business if you're qualified to purchase. Other wise, we are just wasting everyone's time and money!
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