Thread: noob question from first time buyer

Originally Posted by REITrainingWhse

So, the definintion of "taken advantage" is: the seller gets what they want, the investor gets what they want, and no one gets/has to pay a commission? If so, then you are right. I could go to ANY of the sellers that I have dealt with and they would sing my praises, as I helped them get out of a stressful situation, which was impacting their family and work life. Ahh, it falls on deaf ears, so why even bother explaining myself.

I wouldn't buy a house from REITrainingWhse just because he hijacked my thread.

HAHA, Thanks for your help guys I feel much better talking to the agent now that I got that cleared up.

Originally Posted by Greg

Translation. Sellers with agents can't be taken advantage of as easily as fsbos.

Excellent Greg! you beat me to this response. I hope all those out there note this in their minds.

Pre-qualification is an initial screening with a bank to determine if you are financially able to purchase a home. It is different from a pre-approval which states that you have been approved for a mortgage of with certain terms. Oftentimes real estate companies have banks that they are associated with to help facilitate this process for a buyer. I would recommend that you shop around for the best rate, get it locked in for 60-90 days and than begin your real estate search. In order to place an offer on the house of your choosing the seller will require that you have a pre-qualification or a pre-approval level from the bank. It is more favorable in the eyes of a seller for buyer to have a pre-approval letter.

Originally Posted by avo81

I'm looking for my first house and I have no idea what I'm doing yet. I contacted one agent about a house I am interested and he asked if I was pre-qualified. When I told him I had not yet been he said he wanted to set up an appointment to get me pre-qualified. I had assumed that that was something I would do with the bank that I choose to finance the mortgage, which I would shop around for before making my decision, not with the real estate guy selling me the house. Does this seem weird to anyone? This was all over email, I haven't called him back yet because I want to make sure I know what I'm talking about before he tries to sign me up for a mortgage I could get a better deal on elsewhere. Any input is appreciated, I really have no idea.

Well you have to meet with the guy first and confirm if he/she is licensed and legal. When you had confirmed and the guy is good, then there is nothing to ask more in here because as agent (the person you are talking to) he/she will be the one to guide you through in buying/purchasing a property.