Foo - friends and business

A gal I ride with is a Realtor. We've dropped lines via email for several months about buying, the last few weeks I've been digging through MLS listings she's provided, and I'm ready to look (we had decided on a few showings this sunday)- when out of the blue last night, she's required a pre-approval letter first.

First email: I'll need a pre-approval letter to set up the showings.
My response: In my previous experience this wasn't a requirement- why now?
Her response: It looks better to set up the showing for a qualified buyer.

I know this is bunk. If its that she is afraid of "wasting her time" by finding out down the road I wont qualify, she needs to say so. If she can't be up-front about this, what else might she not disclose? I get concerned about people who can't tell it like it is.

I also question the quality of her listing searches versus what I can find on public real estate websites- I'm finding some really nice houses elsewhere her searches don't provide. Something seems off.

1) SO, Whats the best way to tell her? do I just tell her I don't want to mix business with friendship?

2) My boss is also a Realtor on the side, and really excited about the industry (we worked together briefly last summer before I moved). HUGE advantage is "Hey, lets take a long lunch and check out some homes-" or "Why don't you leave at 3 today and we'll check out some houses". He's a trusted business partner, but could it also be a problem that we work together?

I'd be weary of mixing friendship and business.

yup, Ive already decided thats a bad idea, I just need to grow some balls and tell her.

so, what about business and the bossman?

Also a high risk proposition.

jschen, you make a great conscience. :D

yeah, I have a call scheduled tomorrow with the "family realtor" my parents have worked with a couple times (and a few friends). probably the best route. WAY less fun than leaving work early, though.

Just get pre approved and be done with it. If I were a realtor I would not waste my time with someone who isn't pre approved or has enough funds stashed to make the move. Hey, I am looking too. I have a good realtor to work with. She is both a friend as well as one of my employers. Daily I check the listings, send her an email, get the scoop on the property and look myself. I don't want to waste her time because I know what I want to do with my money. She is game and knows that whatever I end up with will be a cash cow for the two of us.

jschen, you make a great conscience. :D

I'm glad to hear that I did something useful for the day. :)

Find an owner/seller and save yourself thousands.

Just my opinion, but realtors are extremely overpaid. If you want to enlist one, give them your terms for drawing up a contract. In a depressed market, you may find they'll take a much lower offer for their commission or a flat fee for drawing up a contract that holds water.

I wouldn't think worse of her for asking you to get pre-approved. In setting up a showing the realtor she will be talking to will want to know that. It makes the process easier for everyone. As far as the number of listings, she may be just showing you listings that her agency has....which probably wouldn't be in your best interest. Ask Red Rider about this. She's a realtor and will be better able to help you think through this and how to handle telling her if you don't want to use her.

good luck in the house search!!!!!

I have had really bad luck with mixing friendship and business. If you do it, you will have to be very diplomatic and careful of every word you say.

I liked getting pre-approved. One - I knew that I would get financing for something. And two - it stopped my real estate agent from showing me stuff just above my price point. That is a waste of time for everyone.

If you are seriously looking - why wouldn't you want to be pre-approved? Plus, you can narrow down what you are looking at into your price range (not just places that you like but are un-doable financially).

I thought this was going to be about a place where I could buy some friends.

leaves

yup, Ive already decided thats a bad idea, I just need to grow some balls and tell her.

so, what about business and the bossman?

This would not be a good thing. :innocent: