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Are You Pre-Qualified?

Have you ever been to an open house and the first thing out of a Realtor's mouth is, "are you pre-approved?".  The audacity of a stranger asking such a question can be insulting.  All of us like to keep our personal financial situation private.  We certainly don't disclose that information to strangers.  Yet, why do some Realtors ask such a question?

First off, I agree that the question itself can be very off-putting upon a first time meeting.  Realtors ask this question to find out if you know what you can afford.  You do need to be pre-qualified by a lender.  Can you imagine the disappointment at going out to look at properties only to find out later that you cannot afford the properties in which you are viewing.  This can also be a time waster to an inexperienced Realtor.  When I show my clients properties, I first make sure that they have spoken with a lender and have in writing what the lender says they can afford in terms of a mortgage. 

I'm sorry that the delivery of some Realtors may not jive with proper social etiquette.  I don't ask that question right off the bat.  After all you may just be looking.  If you wish to use my services I will sit down with you and discuss what you need to know including expenses and I will build that question into the session. 

Happy home hunting and remember to find out what you can spend.  Become pre-qualified.  Thanks for reading!

By Patrick Murray