When buying a house, your Realtor will ask you some questions about your financing. Them understanding your situation is important in your home search. They might ask whether you’re a cash buyer, qualified for a loan, paying cash, or simply how you’re paying for the house in general.
This is a big part of your Realtor’s job because some properties might only qualify for cash purchases, for example. Some might qualify for conventional mortgages but not FHA or VA mortgages. Your Realtor simply can’t help you find a home without knowing what you’re qualified to buy. Most commonly, they’ll want to know whether you’re pre-qualified and for how much.
Your offer on a home should also include that letter of pre-qualification. Without it, your offer isn’t going anywhere. If you’re a cash buyer, your Realtor will want to know how much you can spend and they’ll want to see your proof of funds. Like the pre-qualification letter, your Realtor will submit your proof of funds along with any offers you submit.
You should be concerned if you haven’t had this conversation with your Realtor early on in the home buying process, and certainly before you start looking at homes. If you haven’t, you might not be working with a professional. Sellers’ Realtors have a responsibility to show their client’s house to qualified buyers, so shouldn’t you expect the same thing?
Finally, if you’re just trying to get a feel for the area or get a better idea of what your money can buy here, that’s common, but just tell your Realtor. Most Realtors will be fine with getting an opportunity to meet you and get to know you and possibly do business with you in the future.
If you have any other questions about how financing plays into your home search or you’re thinking about making the move to Florida, give me a call or send me an email. I’d love to hear from you!