Back in October – about six months ago – I received an inquiry on a listing here in town: it was 155 Thackeray Drive, a beautiful expanded split level that was listed for $925,000. I met this prospect and his wife at the property. Although this couple liked the house, they experienced a bit of sticker shock when I told them I expected it to sell over list price (which it did, very much so in fact, it closed for $1,200,000!) During our visit I conducted a buyer’s consultation: we spoke at length about the market, the property, and the process.
I’ve been in touch with this couple off and on, they are looking at listings in our town – houses, townhouses – typical online behaviors for people thinking about making a move. I’ve reached out a few times. I’m patient – we all are here on The Blanchard Team – our hallmark: we work at YOUR pace, not ours.
Tonight he asked to see a property! I told him I was happy to meet him there, I even went ahead and made the appointment. I shared that I expect the house to sell quickly, and I asked if he had a current pre-approval letter. He reminded me that he had already told me that when they find a house they like, they’ll take the next steps.
Is this a problem?
Okay, I may be patient, and I love to consult and advise on all things real estate. But I have some non-negotiables. And one of them is this: I require our prospects to speak to a lender before we start seeing properties beyond our buyer’s consultation. It is essential to navigate this process efficiently and effectively for all parties involved. Obtaining a pre-approval before viewing properties is a standard industry practice. Here are some of the reasons why:
- It ensures that we focus on homes that are within your financial reach, preventing any disappointments or wasted time on properties outside your budget. This protects not only your time but also mine and that of the homeowners who need to vacate the property for all showings.
- Sellers expect that the people walking through their homes have been vetted by their Realtor and that they are financially qualified to make an offer if they choose to do so.
- It illustrates your commitment to the process.
- In a market with less than one month of inventory, competition is fierce and you may not have time to get a mortgage application completed before offers are due! I’d hate for you to miss an opportunity because you put off this important step.
You Need to Get Pre-Approved
People are often concerned about a lender running their credit. But how do you know that without actually speaking to a lender? How can you understand the impact of a credit pull – a soft pull, a hard pull, without speaking to a lender? Call Josh Haddad at Prosperity Home Mortgage, he will be more than happy to explain all of this to you, and he won’t pull your credit until YOU are ready for him to do so.
This is a vital part of today’s home buying process. It positions you as a prepared and appealing buyer, both to myself and to sellers. Our goal is to assist you in finding your ideal home and to support you every step of the way. But we can’t do that effectively without your understanding of and commitment to the process.
Back to the Story…
I politely shared this information with this gentleman, telling him that I really hope he’ll take this first step. But if he isn’t ready to do so, he is welcome to attend open houses until then. I shared our lender’s contact information with him. He thanked me for my explanation and told me that he’d let me know when he was ready to meet my criteria and he asked me to remove him from my listing alerts and market update emails.
Did I lose a potential client? Maybe. Am I concerned about that? Not even a little bit. This frees up my time to be spent with ready, willing and able buyers and sellers!
Jennifer Blanchard Team
Berkshire Hathaway Fox and Roach HomeServices NJ Properties
(908) 432-0318 | jennifer@jenniferblanchard.com
