topic Will realtors help you prior to a pre approval letter? in Mortgage Loans

Will realtors help you prior to a pre approval letter?

Anonymous — Sun, 23 Aug 2009 20:29:52 GMT

Will realtors help you prior to a pre approval letter? I have 65k cash to put down on a home so started searching in the 65k to 100k range and there's foreclosures... anyways several realtors said they weren't going to even email me updated listings until I have my financing in order... I even said it wouldn't matter if I was preapproved or not, there's family money and I'd have it in a day.... oh well

Re: Will realtors help you prior to a pre approval letter?

Lel — Sun, 23 Aug 2009 22:08:35 GMT

If you were able to show that you really are going to be able to do a cash deal, then you might get someone to work with you.

If you think that you might finance part of your purchase, it probably worth your while to sit down with loan officer and get pre-approved. It doesn't take that long, and will give you an idea of how much you could afford to spend on a house, especially if you decide that the $65,000-$100,000 homes aren't quite what you want. Also, if there are any negative factors on your credit report that you might be able to work on before you actually make an offer. You wouldn't want to discover something at the last minute that might slow down your buying process.

Re: Will realtors help you prior to a pre approval letter?

DallasLoanGuy — Mon, 24 Aug 2009 03:31:17 GMT

so you are a cash buyer.

tell them.

they may want proof....

cant blame them. lots of flakes out there.

Re: Will realtors help you prior to a pre approval letter?

Anonymous — Mon, 24 Aug 2009 21:33:52 GMT

I have a great realtor even though I am not yet pre-approved, but instead in the middle of the whole process. So there are definitely some out there.

I never knew you would have to prove you had cash to a realtor, too funny.

Re: Will realtors help you prior to a pre approval letter?

Anonymous — Mon, 24 Aug 2009 23:41:55 GMT

I think it depends where you live. We didn't have any issues with a realtor when we began looking before we had formal pre-approval.

Re: Will realtors help you prior to a pre approval letter?

Anonymous — Mon, 24 Aug 2009 23:55:20 GMT

I told my realtor right off the bat that I have not yet been pre-approved but wanted to look at some houses and she was more than willing to show them to me. I think right now most realtors are eager for more business.

Re: Will realtors help you prior to a pre approval letter?

SonorityGenius — Tue, 25 Aug 2009 00:18:13 GMT

Yes, you just have to call around.

Here in NJ, the market is just stale and Realtors were jumpin off the rainbow to help me find what I wanted.. some even continued to email me MLS listings after I told them I had picked another Realtor lol

Re: Will realtors help you prior to a pre approval letter?

stpn2me — Tue, 25 Aug 2009 09:38:57 GMT

Why are you asking a realtor to help you? People today are so crazy to be even talking to a realtor. They are NOT your friends in the buying process. They represent the SELLER, why cant you people understand that? Hire yourself a real Estate Attorney or a buyer's broker. If you dont want to spend the money, maybe you shouldnt be buying a house....

Re: Will realtors help you prior to a pre approval letter?

Anonymous — Tue, 25 Aug 2009 12:17:37 GMT

stpn2me-I'm not sure why you are making posts telling people not to use realtors in the buying process...and then in your signature line you say get a buyers agent....and a buyers agent is a realtor. I think you might be a bit confused.

A realtor can be a buyers agent or a sellers agent...but either way they are both realtors. It is bad advice to tell people they don't need a realtor to buy a house. Especially if they are first time buyers which a majority of the people posting here are. Nobody here is suggesting dual agency.

Re: Will realtors help you prior to a pre approval letter?

Lel — Tue, 25 Aug 2009 15:27:27 GMT

stpn2me wrote:
Why are you asking a realtor to help you? People today are so crazy to be even talking to a realtor. They are NOT your friends in the buying process. They represent the SELLER, why cant you people understand that? Hire yourself a real Estate Attorney or a buyer's broker. If you dont want to spend the money, maybe you shouldnt be buying a house....

This is a public reminder to be friendly, respectful, and supportive in your posts.

I think I know what you are trying to say. In many states, if you look closely at the language of a purchase contract, it might say that a realtor (even the buyer's agent) represents the seller. I think that was the case in a state that I used to live in, but I'd have to check my most recent purchase documents from California to see how it reads.

However, in both states, the vast majority of real estate transactions involve a buyer working with a realtor of their choosing. Even though my buyer's realtors were technically representing the interest of the seller, they still had my best interest in mind. They identified properties within my price range, checked out homes prior to showing them to me to make sure that they fit my family's needs, and helped us with the paperwork and negotiations. Did they get paid a commission by the seller in the end? Of course they did.

It is possible to have a successful and equitable real estate transaction without the use of a real estate attorney or buyer's broker.

Message Edited by Lel on 08-25-2009 08:27 AM

Re: Will realtors help you prior to a pre approval letter?

SonorityGenius — Tue, 25 Aug 2009 14:15:23 GMT

@stpn2me wrote:
Why are you asking a realtor to help you? People today are so crazy to be even talking to a realtor. They are NOT your friends in the buying process. They represent the SELLER, why cant you people understand that? Hire yourself a real Estate Attorney or a buyer's broker. If you dont want to spend the money, maybe you shouldnt be buying a house....

You need to take a chill pill and KNOW what you're talking about before you misinform hundreds of first timers on here.

A Realtor is a term applied to professionals on BOTH sides of the home buying process - the Listing agent is the Seller's Realtor, and the Buyer's Agent is also a Realtor.

While it is a good idea to have a Buyer's Agent as opposed to going with the seller's agent, advising people to not use a realtor is incorrect. A Buyer's Agent is free, they get commission out of the seller's (6% split between two realtors in most cases) as opposed to your suggestion of an Attorney who may average over 1000 in many places