Loan pre-approval needed before viewing property.

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Submitted by tc on May 15, 2008 - 6:36am

So my realtor sent me an email. He wants me to be pre-approved before looking at a property. I just thought this was something new.

Email:

Before you request a showing of a property, please get a loan pre-approval. I have a list of conventional lenders, VA lenders, and FHA lenders if you need to contact someone to get a loan pre-approval.

Whether the sales are short sales, foreclosures or a property being sold by an owner – a loan pre-approval letter is now required when making an offer to purchase a property.

Nationwide about 85% of all short sales offers do not result in a sale. Lenders do not want to respond to offers where they lose money. I prefer not to write offers on short sale properties but will if you really want one – also, I have a list of younger agents who will write such offers.

Foreclosures are different. I usually get a response within a day or two.

If you are unsure of what type of sale a property is – e-mail me and I’ll find out and let you know.

Best regards,

Submitted by LarryTheRenter on May 15, 2008 - 8:01am.

You might want to get another agent....Although you can't really argue with being pre-approved as you can maybe jump quicker on a property, especially foreclosures....But his attitude is that he doen't want to put in the effort unless there is a high probablility of a commission....

I would ditch him and remember that there are alot of other agents out there who have alot of free time on their hands.....It is your money.

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