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Alana | Should I tell Real Estate Agent How much I Preapproved for? |
Hi. I am in process of looking for a house. If I get preapproved, let's say for example, 180,000, but I am really only looking to spend about 120,000 for a house, because I don't want to put myself in a position where I can't make that higher payment, if you know what I mean. Anyway, am I obiligated to share with the real estate agent the full amount I am preapproved for , or can I just stay with what I want to spend, knowing that I already approve for at least that much. Reason was partly because I heard that some agents will try to push you into properities for the whole preapproved amount ( ex. 180,000) , even if you weren't planning to spend that much. Then, you have some agents who might reveal this to the seller, If they figure I can pay more, then I may miss out on a good deal. Just a thought. What are your experiences and thoughts on this? Thank you! :)
Thank you!
Additional Details
I was thinking of just saying, I don't want to go over, 129,999 ( or x amount). Can the agent find out what you approve for. Do I have to show her the preapproval paper? |
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godged
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You do not have to disclose what you are pre-approved for. If you do but also state what price range you want to stay in and an agent only wants to show you higher priced properties, it is time for a new agent.
You do not have to show a pre-approval letter to make an offer. Simply state that a pre-approval letter will be provided to the seller within 3 days of an accepted contract. That way you are not disclosing your purchasing power to the seller. Once you have entered a contract, your lender can submit a letter of pre-approval for the amount of the contract.
If you have your own buyers agent, they have a fiduciary responsibility to you, not the sellers. If you use the seller's agent, their fiduciary responsibility is to the sellers, not you. |
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Landlord
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You have to show them the letter when you make an offer. The letter is included in the offer package.
If your agent pushes for you to go over your budget find yourself another one. If they are not listening to you and helping you find what YOU want they are not worth your time. This is a major move on your part, you want an agent that will help you find the perfect property to meet all of your needs, including your financial needs. |
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jami
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Do not tell the agent what you can afford! Unless you have a "buyers agent" - even your agent is working for the seller. The more they can get you to pay for the house, the better their commission is.
If you'd like, go back to your mortgage company & request a preapproved statement to read $120,000 (even though you are approved for more), I would not be afraid to show this statement to the agent. That should keep them in your price range.
If you are not sure if you have a buyers agent - ask them, if they are working for YOU, they will be having your sign something for them stating this, otherwise, he/she is working for the seller. They do no tell you this part. |
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pinky
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Whether the agent can find out legally is one question - whether soneone will tell is a different issue.
Tell her what you want to spend - anything else is no one's business but yours. |
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acermill
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You should inform your agent of your pre-approval level, so that the agent can make an informed decision on the types of properties to show you. Simply advise the agent that you have no intention of going over a certain dollar amount, even if you are qualified for more.
I've been there and done that with many clients, and it's amazing how many times they end up spending more than they wish to spend, simply because they're not pleased with the properties shown to them in the price range they selected. |
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psi2006
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You tell your agent that you can only afford $120,000. I think you are being smart. Just because you can get approval for $180,000 doesn't mean you have to or should. You don't want to be house poor. Get what you want and don't let anyone try to make you do otherwise. You want to have enough money to maintain the house as well as go on trips, buy food, have a car etc. If your agent doesn't honor your wishes get a new agent. |
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Rita A
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You're smart for having a budget. Tell your agent that you want to stick to a certain price range where you're comfortable. You can alway choose to go higher if a house is worth it, but that's your decision to make. |
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supersuper2121
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You should find an agent that is not affiliated with the property you are looking for. She will be looking out for YOUR best interests and help you negociate the price.
Her fee will be paid by the seller. |
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Christo
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Remember there is a differance between what you are approved for & what you can afford, many times. Figure out the max payment w/principal, intrest, taxes & insurance(PITI). With that info you can determine the max house price you can afford. You do not want to go any higher than that under any circumstances no matter how good the deal. If your agent does not respect that get a new one!!!
You actually want a house that cost less than you can afford. If you're maxed out & anything happens you are in trouble not the agent. What if you lose a job, the furnace breaks down, the roof gets damaged, the car needs a new engine, there are medical costs, college for the kids.
Be patient and keep looking until you find a deal that's right for you not the Agents commission!
PS: Remember there are many exceptional Agents out there but many who pretend to be. Protect yourself. |
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part deux
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Don't tell the agent anything more than they ask or you want them to know. Don't let them become your "friend" too much. Because in the end they really do want their money. I wouldn't tell how much you pre-approved for unless he/she asks. Then just say you're looking for a house in the 120,000 range. |
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tuesnitedelite
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Don't tell them how much you are pre-approved for right off the bat just tell them what price range you are looking for. When it comes down to it they will have to know... |
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hockeygtp68
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They will try to put you in more house than you want, because you can "afford" it. Only tell them what you are comfortable spending and leave it at that, if you don't like the deal walk. That is easier said than done. |
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Ross
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Just be strong and stick to your budget, you are the buyer, YOU ARE THE BOSS. Tell them what/when they need to know.
Where I am licensed you have agents for the buyer and agents for the seller and impartial agents (transaction brokers). You also can have dual agents. If I was representing, as a buyers agent, or dual agent representing buyer and seller or transaction broker and I told the seller your budget you could report me to the board. Your fiances are confidential info unless they could negatively affect the deal.
For me the type of agency has to be discussed before any personal info is exchanged.
Ask the agent who they represent. Different state have different laws regarding representation. |
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Joe C
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No!
They represent the SELLER and they will use that information against you to get that seller the best deal.
What you heard about them pushing you into the maximum is correct, for the most part.
I don't like dealing with agents when buying, usually. You're better off if you can educate yourself enough to deal directly with owners, in order to get the best negotiation. Realtors will tend to "guard their interests" against the likes of you.
Realtors will also tend to poo-poo any sort of low, or creative offer that you come up with, or they will present it begrudgingly with inuendos against it. |
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yeahiknow83
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yes so they will know what to look for. |
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