NWR..Anyone hear of this

Iluvpoodles Posted: Feb 03, 2010 10:38 AM

NWR..Anyone hear of this

Did any real estate agents tell you that you had to be pre-approved in order for them to show you a property?

MrsC2010 Posted: Feb 03, 2010 10:39 AM

Re: NWR..Anyone hear of this

yeah i think thats pretty standard.

christine2010 Posted: Feb 03, 2010 10:40 AM

Re: NWR..Anyone hear of this

no one has ever told me that before. but i know that a lot of those home buying shows always have the people find out how much of a mortgage they are approved for first.

KTnChris Posted: Feb 03, 2010 10:40 AM

Re: NWR..Anyone hear of this

yup. they want to make sure they're showing you properties you can afford.

Future Mrs H Posted: Feb 03, 2010 10:41 AM

Re: NWR..Anyone hear of this

yes! I used to be a RE agent and we always asked for the person to be approved. It is to show the agent what you can and cant afford and also that you are able to get a mortgage. You can go in and say you are willing to buy a house at 500 k but you can only afford 300k. or not be approved after spending alot of time looking

Iluvpoodles Posted: Feb 03, 2010 10:41 AM

Re: NWR..Anyone hear of this

Really..but why? Why should I give out any personal info or have any checks done when all I'm doing is looking. Some agents had no problem showing a property without this.

elisa112101 Posted: Feb 03, 2010 10:41 AM

Re: NWR..Anyone hear of this

Posted by christine2010

no one has ever told me that before. but i know that a lot of those home buying shows always have the people find out how much of a mortgage they are approved for first.

yeah i watch those shows ALL THE TIME... and they want pre-approval before they they get you into house shopping... i guess the agents dont want to take you out unless they know you have a money coming to you...

AngnShaun Posted: Feb 03, 2010 10:42 AM

Re: NWR..Anyone hear of this

Its not uncommon...

Michy2009 Posted: Feb 03, 2010 12:39 PM

Re: NWR..Anyone hear of this

Yes, I guess they want to know that they are not wasting their time.

When we first inquired about looking, all the agents I spoke to wanted to know first if we were pre-approved.

AngnShaun Posted: Feb 03, 2010 12:46 PM

Re: NWR..Anyone hear of this

Posted by Iluvpoodles

Really..but why? Why should I give out any personal info or have any checks done when all I'm doing is looking. Some agents had no problem showing a property without this.

some realtors dont want to waste time showing houses/apts to people that cant afford them...

marinai7 Posted: Feb 03, 2010 12:48 PM

Re: NWR..Anyone hear of this

Yes, but not all of them ask. I don't blame them - they don't want to waste time showing places people really can't afford.

dfw343 Posted: Feb 03, 2010 12:50 PM

Re: NWR..Anyone hear of this

I sent it to a RE agent with my SS number blacked out...

all they want to see is that you can afford it..why would they waste time with someone who cannot afford it? KWIM?

MayBride2010 Posted: Feb 03, 2010 01:03 PM

Re: NWR..Anyone hear of this

Yes. The first time we met with our broker she asked us to go through the pre-approval process so we (and she) knew what we could and could not afford. She did not wait for the pre approval though, because we looked at a bunch of homes that same day.

tbird27 Posted: Mar 05, 2010 03:36 PM

Re: NWR..Anyone hear of this

my husband and I are in the same boat. We've been looking online at homes and going to open houses and the first thing the realtor would ask us at the open houses was 'are you guys pre-approved?'

Personally, we WANT to be pre-approved before we enlist a real estate agent to help us find a house. This way we know exactly what we can qualify for and what locations we can afford.

Also, we want the security of knowing we have financing lined up and this way the seller will take our offer more seriously.

So to answer your question, yeah you can certainly look online obviously, go to open houses, things like that. But if you are going to look at homes through a real estate agent, 9 out of 10 times they are going to ask that you get pre-approved first.

Good luck! This home buying can be SO stressful!

little j Posted: Mar 05, 2010 03:52 PM

Re: NWR..Anyone hear of this

we just got a pre-approval letter from our bank mortgage person. no personal info (aside from our names) was on it

GR2010 Posted: Mar 05, 2010 03:55 PM

Re: NWR..Anyone hear of this

Yeah. It depends on the sellers. A lot of times if sellers have been burned by accepting offers by people who can't get mortgages they wise up and tell the realtors they don't want to bother unless the buyers are pre-approved. And some just want it.

It's in your best interest too. It gives you an idea of what you'll get approved for, what your interest rate will be and what to expect out of a mortgage payment.