Shakespeare had a magnificent
mind and in the eyes of the realtor’s world, I can relate to some of his
remarkable ideas and literature. He had the
right idea when it comes to real estate and the pre-qualification/proof of
funds process. Every real estate agent out there knows that they do not
want to waste their time or even worse, show houses that could potentially put a
buyer in a state that overextends their budget and then they will not be able
to afford to keep the house. So it would seem common sense to make sure
that you as a buyer have either proof of funds showing an amount of the
purchase price or a pre-qualification letter from a lender. Well that’s our
side as a real estate professional.
Shakespeare also said “My friends were poor, but honest.” (All's Well that Ends Well (1.3.196))
Shakespeare confesses that his friends were all poor but honest. Showing us you
can’t always judge a book by its cover. On the side
of the buyer, it can be a totally different experience and up to their personal
interpretation; which ironically enough show’s both sides to the story. In the
mind of a hard working buyer that has a good job and that has prepared for this
purchase he may be insulted that a realtor demands a pre-qualification letter
from him without even taking time to show him the places. Yet on the
other hand, without the pre-qualifications how can you place a client in the
right house?
“One persons concept of wealth, is anothers understanding
of poverty.” William Shakespeare. There are
plenty of agents out there that are thinking; why should I work with this
person? The multi-millionaire looking for water front places can easily
be taken back if the agent asks for proof of funds or a letter from his lender
before even showing them properties they are interested in. So can the person
with poor credit but has the money in the bank. It’s a difficult scenario when
dealing with people’s finances.
Now, when I am selling a
house for a client; I always request proof of funds or a pre-qualification
letter to be submitted by the other real estate agent. This way I can verify
for my sellers that the offer is real and we are not taking the home off the
market without a real offer; and verified pre-qualification letter or proof of
funds. I am shocked at how many homes that I am selling, that are all
cash transactions. That is the majority of my deals in Lake Worth. “The
most difficult thing is the decision to act, the rest is merely tenacity.”
Amelia Earhart
Another
great mind Albert Einstein said “Let every man judge according to his own
standards, by what he has himself read, not by what others tell him.” Not all
realtors are created equal;some will only work with you if you pre-qualify
first and foremost, and others will accommodate you after learning more about
you. The trick is finding the right realtor for you!
Lisa King at Blue Chip Lending Services says “Getting pre-approved for a loan should be the first step in your
home-buying process. Know what you can afford and make sure you are getting the
best mortgage possible. There are many programs to choose from, so you will
need to learn about your options before starting the process. In
addition, most real estate agents request that you get pre-approved before they
spend time showing you homes. They want to know what you can afford so that
they can show you appropriate homes. Sellers want to see a pre-approval letter
before accepting your offer or signing a contract with you. Having an official
pre approval will save you time and make your home process smoother.” (Learn why it’s so important to
get Pre Approved when buying home from Lisa King at Blue Chip Lending)
Another Remax Prestige Agent Ashley Foland from Lake
Worth said, “Sometimes I show them one or two properties, I will only take them
out one time without a pre-qualification letter. I usually give the
buyers four lender suggestions, two that work for banks and two that work for
private mortgage companies.” These are
some different opinions, and views of other real estate professionals in the
area. The process of prequalifying people can be a dangerous game but Wayne
Gretzky says “You miss 100% of the shots you don’t take.” Therefore I believe
that real estate is like any other business and has associated risk. Yet, with
proper education and sophistication one can take calculated risks.
Charles Byron Andrews
Remax Prestige
1-561-414-5700
CharlesByronAndrews@gmail.com
CharlesBAndrews.com
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