Real Estate Agents Need To Know.
If you’ve ever been at an open house and within a few minutes the real estate agent is asking you “have you been pre-approved?” you know it can feel a little obtrusive. Especially if you were just curious and wanted to quick take a look. You may even not be in the market. Here at Bamboo Mortgage Services we understand exactly why they ask.
It’s not because they are being nosey. The main reason a real estate agent would ask, is to see what stage you’re at in getting ready to purchase a home. Once the question is out there, the conversation can transition from small talk about the home to qualifying questions about your situation and intentions. You have to understand real estate agents need to know if you’re pre-approved so they can help you to the fullest of their capability.
You should want your Real Estate Agent to ask about being pre-approved.
Real estate agents that run a successful business need to manage their time effectively. Many consumers get caught up in house hunting and dreaming of the perfect home. The idea of getting the financing set up can sometimes be more of an afterthought. To be perfectly fair, real estate agents asking if you’ve gotten pre-approved is a good sign. You want to work with someone that will value both your time and their time. There are a lot of moving parts to orchestrate in the purchase of a home, making sure the financing is getting set up should be priority number one.
Making sure you’re looking at the right price, size and area.
Real estate agents that are good at their jobs will make sure they are hitting as many points on your wants and needs list as possible. In order to accurately direct you to the homes that will work for you they have to ask a lot of qualifying questions. You wouldn’t expect your doctor to be able to prescribe a cure with out asking you what your symptoms are, would you?
Consider pre-approvals the “ounce of prevention”.
You’ve probably heard the old saying an ounce of prevention equals a pound of cure. That saying is certainly true when it comes to getting pre-approved. There is nothing more stressful than having your contract close date looming and not being sure if you’re financing is fully approved. Getting your lender approval set up before house hunting will make the whole process a lot less stressful. Your mortgage loan officer will have already looked to your income, assests and credit to make sure there is nothing getting in your way.
So, the next time a real estate agent asks is you’re pre-approved you should see it as a sign of someone doing their job well.
If you have any questions about getting pre-approved let us know. We’ve been serving the Portland Metropolitan area for over 11 years.