Texas Realtors: Pre-Qualified for loan ....a matter of Ethics?

Question

15 minutes till Sunday appointment and the Leasing Agent calls me and tells me that without a "Pre-Qualifying Letter" from a Lender, it would be
quote: "Unethical for me to show you properties outside of mine."
I set up the appointment to see one of his listings on Sunday, to follow up with seeing 3 other properties that were not his.
I set up these appointments late Friday afternoon and had set up with his mortgage broker the information to generate the letter. Since the Listing Agent assumed we were a slam-dunk approval & we weren't, he was upset. I never heard from him on Friday nor all day Saturday, and in fact he waited until 15 minutes before our appointment to tell me of his not showing us the other 3 properties.
#1- I consider it unethical for him to wait until 15 minutes before our appointment to tell me of the "no shows"; he was aware my hubby is disabled and should know it takes lots of effort to get dressed & ready...(the house is handicapped)
(continued...)

#2 – As I understand it the PreQualifying letter is understood to do 2 things:
(1) help to speed up the process of making an offer on a home and
(2) as a matter of courtesy.
As I recall, it is not in the Canon Code of Ethics.

As a Real Estate Professional, what is your perspective on the Pre-Qualifying Letter, and how this Listing Agent conducted himself. I’m not going to charge him with anything, I just am under the impression that he handled the entire situation emotionally and not business-like. He assumed we’d be a quick shoe-in for a loan, and didn’t like the delay.

Should I find another Agent to show me his property, since the appointment was essentially canceled by him?

Thank you for your time and perspective.
091707 1:05

My hubby & I went ahead on our own and saw all 4 properties. We contacted the Listing Agent on one that looked nice, and an agent from their agency came out & showed it to us. It is under Contingency-waiting to sell their other home. The house seems so right...have to see now if we CAN pre-qualify now and getting back with the Mortgage Broker that L.A. #1 recommended. Hope they'll do an honest & professional job...

I choose to NOT have a Buyers Agt tag along because our needs are very difficult to remedy, and it would entail looking at multiple prop's every w/e for the last 2 yrs. Not fair to a B.A. If we see a prop and the LA asks if we have an agt, and we say YES, they will NOT show us a property w/o our BA. That kills time for the BA & ourselves. It is more efficient that we scout out beforehand, meet w/the LA (not another agt from same agency if possible), then enlist a BA if we find that the prop is suitable to persue. The LA gets his/her commission & we have our outside agt getting theirs. I am aware of Dual Agency, and that can be an options sometimes, as well if we like what the LA sent to show us a prop. Sorry if I appear as a "shopper" or a Real Estate "Troll" of sorts, but unless you've had to face what the RE market DOESN'T have for us, you'd have some compassion at the stress & work we've put into this already. Twice tried to get one home (diff owners), & both times the diff agts..

Both times the different agents blew the deal. The first agent did not return calls to the owner's agent, thereby we missed an opportunity to counter bid a developer who offered them a contract. The second agt worked with the Developer (he bought the property, then decided to sell after 4 months), and our new agent went on & on with sad stories of how the Developer was going to pay capital gains and his exp's that she sounded like she worked for HIM and not us. She also did not do any bargaining worth a dime, and the Developer didn't care, screwed up the Inspection I paid for and refused to pay for the inspector to return again. The house needed $18k repairs, and he didn't care & wouldn't assist. This is what I've had to deal with. If it isn't easy, then move on. Mortgage companies, realtors and others. They don't care; make easy money and move on. I ended being out over $1200 on that house, and it ain't mine today. Do I sound bitter? hmmmmmm.....

Answer 1

For the sake of my profession I apologize for the treatment you received. The agent you encountered was completely unprofessional but not unethical because you were not a client of his and he could likely be working for a seller that only wants pre-approved buyers to see his/her house.

I highly suggest you find your own buyer representative Realtor who can help you avoid this type of unprofessional behavior and protect your fiduciary interests.

Personally I do not schedule any appointments to show houses for my buyer clients until I know they are pre-approved and am aware of the purchasing power/price range. I have wasted too much time and gas assuming pre-approvals. But as a listing agent I am happy to show anyone the listed property unless the sellers condition who views the property (assuming it doesn't break the equal opportunity act). After all, the seller is the boss!

Answer 2

You need a new agent. This one is just making up an excuse to push his own listings.

Example of why this is silly: if you were selling a paid-for home of equal or greater value, or won the lottery, or inherited money or were just plain rich, this would be a cash sale. If you can pay cash, you wouldn't be getting a mortgage, so there would be no pre-qualifying letter. Would the real estate industry really create a rule that made it unethical to work with cash customers?

Answer 3

At least in Texas the typical agreement should be crammed in displaying the curiosity fee and all of the details approximately the mortgage. This is needed if you're making the residence acquire field to the mortgage. Most dealers won't take into account your present until you've gotten a letter out of your lender pointing out that you'll be able to get a mortgage as defined inside the agreement. You must get a patrons agent that represents you and that you'll be able to believe. Someone that's in a position and is aware of learn how to make certain the agreement is going via. Every mortgage officer I have ever run into that refused to name me again additionally didn't converse with the purchaser so we on no account knew what was once going down. Think approximately how terrible that's as a purchaser while you're going via some of the worrying occasions for your existence. A mortgage officer must be competent to deliver you steady updates, assuring you that the appraisal got here again OK and that each one signals are that you are going to nonetheless be competent to near on time. Think approximately what it's like for the vendor while they're additionally attempting to shop for a residence and relying for your final going down on time in order that theirs can near on time. If your truly property agent and mortgage officer don't seem to be in near touch then your sale might not be best.

Answer 4

That is horse droppings.

He/she didn't want to spend the time with you unless you were pre-qualified to buy. Some agents are doing this to limit tire-kickers and dreamers.

Any licensed Realtor can show any property to anyone at any time.

Answer 5

Oh I would most definitely find another agent and I would make it a point to let this unprofessional agent know -- especially if you purchase a property that isn't one of his listings. Frankly, I wouldn't want him to get a penny.

Answer 6

best bet is to get another agent then when you buy what ever house, one of the three or another one , send a little card to the broker of the agent saying but for your agents attitude this sale could have been yours