What are some things a realtor will ask me at a showing that I need to know without looking dumb?
My fiance and I are a very young couple (23) and are house shopping at the moment. We both have good jobs, so money isn’t going to be the issue.
The issue is we are new at this. I don’t want realtors to start asking us questions we don’t know the answer to. Will they ask our credit score? Things like that. Basically, what are questions a realtor is going to ask you if you’re interested in buying a house he/she is selling?
They need to know how much you are preapproved for and how much you want to spend (you should not buy what you are preapproved for). You will not have to talk to selling agents, your agent handles that.
They may also ask questions to get an idea of what is important to you and what you are looking for. They do not need to know your credit score, just what you are preapproved for. They need a copy of that letter for any offers you might want to make.
January 27th, 2010 at 5:50 pm
1) If you have spoken to a bank or mortgage person and been prequalified?
2) If so, how much have you been prequalified for?
3) When were you looking to buy?
4) What type of loan are you qualified for (FHA, VA, conventional)?
5) If your offer is accepted how soon could you close?
Anything to do with your personal finances, credit scores, how much money you have, etc is none of the agent’s business and you certainly have no obligation to disclose any of that.
FYI – NEVER sign a dual-agency with a Realtor. This means the Realtor is representing BOTH you and the Seller. It costs you nothing to have an agent in your corner when you find the house you want.
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January 27th, 2010 at 6:03 pm
How much have you prequalified for?
If you don’t have an answer yet, you need to address that before taking to an agent. Your agent doesn’t care about your financials beyond what you can spend.
Beyond that, they’ll mostly ask you what you’re looking for in a home. It’s more you than they that asks questions.
Please tell me this is your buyer’s agent you’re working with and not the listing agent! The listing agent won’t do a thing for you; they’re working only for the seller. Get a buyer’s agent if you haven’t already.
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January 27th, 2010 at 6:35 pm
You might want to find a Realtor to work on your behalf. This person will help you find a house that fits you and not try to sell you something just because they have it listed.
I would not worry about the Realtor asking questions, they just want to sell you a house. You may want to go to a lender ahead and find out how much you can afford, then look in that price range. That is all a Realtor needs to know.
I would have a list of wants for a house and things that would be deal breakers and go over that with the Realtor.
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January 27th, 2010 at 7:22 pm
They need to know how much you are preapproved for and how much you want to spend (you should not buy what you are preapproved for). You will not have to talk to selling agents, your agent handles that.
They may also ask questions to get an idea of what is important to you and what you are looking for. They do not need to know your credit score, just what you are preapproved for. They need a copy of that letter for any offers you might want to make.
References :
January 27th, 2010 at 8:12 pm
They will ask you if you have been pre-qualified for a loan (usually a requirement for putting an offer down on a property). They will ask if you are a first-time buyer. They will ask if you have an agent yet (and will probably try to get you to retain them as the buyer’s agent). They will also tell you that they have a great mortgage broker or lender that they know to get prequalified.
You don’t have to divulge any credit info (like your exact FICO score) or even work with the people they recommend. You’re not obligated to them in any way at this time. They’re just trying to drum up business for their friends that they network with. And, I would strongly urge you not to have the selling agent also be your agent (the buyer). That sets up all kinds of conflicts of interest that generally will favor the seller (particularly as a first-time buyer).
Here is what I recommend you do to start the buying process: First, contact a lender (any bank that does mortgages, either on-line or brick-and-mortar) or mortgage broker, and get prequalified. This allows you to know exactly what your price range will be and you’ll need to be prequalified anyway to put an offer on a property.
Second, contact a real estate agent, preferrably one whose office specializes in the area you’re considering. They know more about specific niches of a given neighborhood (like what part to avoid, where’s the best little pockets, etc.). Word-of-mouth references are the best people to go to, because someone you know had a positive experience with that agent. So, you can expect that, too.
Get familiar with the internet search websites for property in your area. See what’s available and for what price. When you see one that looks interesting, call your agent. Your agent will have access to the multiple listing service (MLS) database, which contains all kinds of inside information that will help you determine what kind of offer you want to make. If you want to actually see specific properties, don’t be shy about scheduling a showing with your agent. This is the agent’s job. Besides, you’ve already made his job easier by finding the property youself in the first place.
One last thing: Realize right now that it’s unlikely you’ll actually get the first property you like or even that you put an offer on. Don’t get too attached to a property until it’s yours (even in escrow, deals fall apart all the time). Be patient and diligent, and eventually the right deal will practically fall into your lap.
Good luck and happy hunting.
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January 27th, 2010 at 8:46 pm
You NEED an LSR (loan status report) preferrably one with an AU Approval findings attached.
What are these? These prove that a professional mortgage lender has reviewed your credit, income and assets and KNOWS that you can get financing to purchase a house.
Without an LSR, most sellers won’t even look at your offer.
Get qualified with a mortgage professional today! Bring your paystubs/w-2s/bank statements to determine the payment you can qualify for and the price of the house you can buy!
Best of luck!
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Mortgage professional.
January 27th, 2010 at 9:30 pm
The realtor will not ask for credit scores. That comes into play when you apply for a loan.
You should both read a book or two on home buying for first-timers BEFORE you start looking at homes. Also get preapproved for a loan first.
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