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REALTOR® Laura Sellers, Auburn, ALREALTOR® Laura Sellers, Auburn, AL

Everything you need to know about buying or selling a home or condo in the Auburn-Opelika, AL area!

LauraSellers01@Gmail.com
334-332-7263 Direct

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Is A Mortgage Pre-Approval Requested Prior To Looking At Homes?

Is A Mortgage Pre-Approval Requested Prior To Looking At Homes?

One of the most common home purchase myths that exists is that when buying a home, you should find a home before getting a pre-approval.  There are some real estate agents who will show a home, or several homes, to a buyer without knowing whether a buyer is pre-approved or not.  This is a trait that you will find in an agent who likely does not sell a lot of homes.

Some of the most common things buyers say who do not want to get a pre-approval include;

  • “I’m going to wait until I find the right home to speak with a mortgage company.”
  • “I don’t need to speak with a mortgage company first, I’ll be able to get a mortgage, no problem.”
  • “I’m just looking at homes right now.”

One of the most important things to first understand when buying a home is what the difference between a pre-approval and a pre-qualification is.  Many buyers don’t realize the difference when in fact, there is quite a difference.

A top notch buyers agent will request a pre-approval letter from a buyer prior to showing them a home.  There are many reasons why real estate agents request a pre-approval letter before getting in their car and driving buyers around town showing them homes.

Below are the top reasons why real estate agents will request a pre-approval letter before showing houses to a buyer.  Read on to find out why this is common practice of top real estate agents before you get upset when a real estate agent requests a pre-approval letter before showing you homes.

Realtor Safety

Arguably the biggest reason a real estate agent will request a pre-approval prior to showing a buyer homes relates to the safety of themselves.  Realtor safety has been a very popular topic in the news as of late.  There has been in the past year several Realtors who have tragically lost their lives while performing their day-to-day tasks.

You may ask yourself, how does requesting a pre-approval letter provide any safety for a Realtor?  If a buyer has been to a lender to discuss their mortgage options and has obtained a pre-approval, the lender has done their research on the potential buyer(s).  The lender has information on the buyer such as their social security number, their job history, and other pertinent information.

Requesting a pre-approval from a buyer is one of the top Realtor safety tips that is preached by real estate professionals.  If you’re in the market to buy a home and haven’t received a pre-approval and a real estate agent requests it, remember, one of the biggest reasons they are is for their own safety.

Provides Proof Of Ability To Obtain Financing

Another popular reason real estate agents request a pre-approval before showing houses to a buyer is because it provides proof of the ability to obtain financing.  The reality is that not everyone can get a pre-approval.  Real estate agents want to make sure that a buyer can get a pre-approval before spending their time driving around town showing houses to a buyer who cannot obtain financing.

Nine out of ten “serious” buyers will have no problem with attempting to get a pre-approval.  Getting a pre-approval does not take a ton of time to obtain, in fact, a top lender should be able to pre-approve a buyer within a few days of receiving a pre-approval application.

Buyers who expect real estate agents to show them homes without being approved is one of the most annoying things buyers do that real estate agents hate.  Buyers shouldn’t take it to heart when a real estate agent requests a pre-approval.  A real estate agent who is showing homes to a buyer who hasn’t taken the time to get a pre-approval is actually just running a very expensive taxi cab and tour guide business.

Saves Time & Frustration

In today’s society, most people are very busy and don’t have boatloads of extra time.  Another top reason why a real estate agent will request a pre-approval prior to showing a buyer homes is they are not only attempting to save themselves time but also the buyer.

A pre-approval provides a buyer, and their real estate agent, information as to what price range they should stay within as well as the range of yearly taxes.  A real estate agent who requests a pre-approval prior to showing a buyer homes is trying to save the buyer time and frustration.

It makes absolutely no sense for a buyer who is pre-approved up to a $200,000 mortgage to look at homes that are listed for $300,000.  There aren’t many homeowners who are going to accept an offer for $100,000 less than what they are asking for their home, period.

A buyer who works with an agent who shows them homes prior to getting a pre-approval is doing a disservice to them self.   What can end up happening is they find out they cannot afford the home they fall in love with which leads to lots of wasted time, frustration, and also heartbreak.

Strengthens Negotiation Ability

Top real estate agents will request a pre-approval before showing a buyer homes because it strengthens the buyers negotiation ability.  Depending on the local real estate market conditions, if a buyer is attempting to buy a home in a sellers market, it’s critical to have a pre-approval before looking at homes.

A buyer who has a pre-approval has a distinct advantage over those buyers who decide to look at homes without a pre-approval.  If a seller receives multiple offers on their home, which is pretty common in a sellers market, they are going to select a purchase offer from the buyer who provides a pre-approval letter

Sellers May Require It

Another reason why real estate agents will request a pre-approval before showing homes to a buyer is because the seller may require it.  Some homeowners do not want buyers walking through their home who haven’t spoken with a mortgage company as they do not want to waste their time.

Some sellers also do not want unqualified buyers walking through their home, which is a common practice at real estate open houses.  There are many pros and cons to open houses in real estate and certainly one of the drawbacks is there is no ability to screen potential buyers who are visiting an open house.  Don’t be offended if a real estate agent requests a pre-approval before showing you a home as it maybe a direct request from the homeowner.

In addition to requesting a pre-approval from buyers prior to accommodating a showing, most sellers will also require a pre-approval with any purchase offer.  A purchase offer without a pre-approval is only as good as the paper it is written on as it’s nearly impossible for a seller to truly know if a buyer will be able to obtain financing.

It’s important to note that even though a buyer may have a pre-approval, there are certain situations where a buyer can be denied for their mortgage even after being pre-approved.  The likelihood of this happening is slim, but it’s important that buyers and sellers understand that a pre-approval is not a guarantee of funding.

Final Thoughts

Buying a home is a big deal.  There are certain steps that need to be taken in order to be successful.  A real estate agent who requests a pre-approval from a buyer before showing them homes is only attempting to represent the buyers best interests.

It’s important when buying a home, you hire a top buyers agent.  To successfully hire a top buyers agent in real estate, you should know what interview questions to ask prospective real estate agents.

Remember, looking at homes without a pre-approval is silly.  It is not only a huge waste of time for a buyer, but also the seller and the real estate professional.  You will not find top real estate professionals spending countless hours showing homes to unqualified buyers or buyers who are not willing to get a pre-approval.

Original Article

For all of your real estate needs in the Auburn-Opelika area please contact me at  (334) 332-7263 or email me at LauraSellers01@Gmail.com or visit my website. I look forward to helping you find the home of your dreams or sell your existing home.  Search for Auburn homes for sale or Search for Opelika homes for sale here.

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Client Reviews

High attention to detail

"Laura Sellers is a relationship driven professional that has a high attention to detail and works diligently to ensure a positive outcome for her clients. Laura is a woman of high integrity.”

Tom R.

Phenomenal job

"Laura Sellers did a phenomenal job of listening to our objectives and helping us clarify what we were really seeking in our new home. I do not hesitate to call her whenever I need help with all of our real estate needs. I also make sure I recommend her to all my friends."

Chris H.

Finding this post ha

Finding this post has answered my prayers

Justus zI3DPT7phr q5k50XzsCP

Laura is the best Realtor in Auburn!

I've worked with many real estate agents in the past, but never one as professional, organized, and patient as Laura Sellers.. During the two days I spent searching for the perfect home in Auburn with Laura, she not only took the time to schedule a wide range of listings across Auburn, but she also took

Sam CEO Northcutt Enterprises Auburn, AL

Best Auburn Realtor!

Laura is exceptionally accommodating and very responsive. We were first-time home buyers, and she was very patient and helpful with all our questions! Highly recommend. Will definitely be referring her to friends and family.

Sarah EAMC Auburn, AL

Realtor review – Auburn, AL

Laura is professional and knowledgeable in assisting both buyers and sellers. She was well versed in the local market and was in tune with my families vision for our new home. She sold our last house in a few weeks. I wouldn't hesitate to use her again.

Sarah Jennings

Home Buyer in Auburn AL

Laura made buying a home an incredibly enjoyable and smooth process. My husband and I are first-time home buyers so there was a lot of education taking place during the past few months. We found that Laura was always on the ball and one-step ahead to make sure their weren't any surprises. Not only that,

Ginger Sweeney Auburn, AL

Home Buyer in Auburn AL

Laura helped me through every step of the way when buying a home in Auburn, AL. She was always easily reachable and prompt in responses and saved me at least 15 grand on the sale. She was recommended to me by a friend who had a wonderful experience with her as well! Highly recommended.

Stephan O Auburn, AL

Seller

From the beginning Laura was hardworking, honest, and extremely knowledgeable about real estate. She made the process of selling my home easy. I received the price I wanted and I could not be happier. I would use her services again in a heartbeat and I strongly recommend her if you want to sell your home!

Melissa G

Home Seller in Auburn, AL

Selling my house could not have been easier. I live out of state and closed while across the country. The house needed repairs. Even considering all those potential problems, she went out of her way to make sure everything went smoothly. Laura was always easy to get a hold of and she has great contacts

Bryan S

Retired Buyer

Laura Sellers was a huge help in my search for a new home. She was always available for showings when it was convenient for me and very quick to respond. Being able to see homes as soon as they hit the market was crucial for my price range. She was very honest and did not

Kate S Auburn, AL

Home Seller

Laura Sellers did a truly remarkable job for us, selling our house in Auburn. We were having a very difficult time finding a buyer for our house before we met Laura. The house sat on the market for nearly a year when we decided it was time to list it with Berkshire Hathaway HomeServices. We

Harry T Auburn, AL

Purchased House for Sale Auburn AL

Laura Sellers was a huge help in my search for a new home. She was always available for showings when it was convenient for me and very quick to respond. Being able to see homes as soon as they hit the market was crucial for my price range. She was very honest and did not

Beth C House for Sale in Auburn Al

Best Auburn AL Realtor

I have done business with Laura for many years.She is by far the best of the best. She is not only loyal and trustworthy ..she gets the job done . She is attentive , caring and honest. I refer all my friends to her . She has been our Realtor for years and I would

Kathleen D Auburn AL

Buying a house in Auburn AL

It was a pleasure to work with Laura. She is acceptionally professional, and has a great knowledge of the area and the market. We felt comfortable to come to her for any advice and concern, and she always come through with good recommendations and problem solutions. If we ever decide to sell our house or

Andy W Auburn AL

Best Auburn Realtor

I have to say that Laura Sellers exceeded our expectations in every way. Laura is the smartest realtor that I have ever met. She takes care of business rather quickly and efficiently. She is very thoughtful and thinks of everything. From day 1 she did everything she said she would do.  She is a person

Natalie G

Best Auburn Realtor

Words cannot express how thankful I am for Laura. Selling my first home was hard enough and she went above and beyond to ensure (1) I was well informed before moving forward with my sale, (2) made sure I was updated in a timely manner throughout the entire process, and (3) took the time to

Craig C Auburn AL

Best Realtor in Auburn AL

Laura was awesome to work. We were new to the area and was knowledgeable about the town and various neighborhoods. We highly recommend her! We told her what we were looking for and she lined up properties for us to see. Often spending an entire day with us. She understands very well what to look 

Sally S

Laura is the best Realtor in Auburn

This was my second time working with Laura as a home buyer. She is great to work with and is very accessible to her clients. She kept me informed throughout the escrow process and I had a smooth and stress-free closing experience. I would work with Laura again and recommend her services to anyone considering

Best Realtor Auburn AL

This is the second real estate transaction we have done with Laura. She made the buying process easy and painless for us. This was especially important since we weren't physically present for the transaction. Laura went above and beyond, making sure we received and understood all the documents,  accommodating the needs of the seller who

Katie G Auburn AL

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REALTOR® Laura Sellers, Auburn, AL

334-332-7263 Direct
LauraSellers01@Gmail.com
1810 E Glenn Ave., Ste 130
Auburn, AL 36830


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