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Old 07-15-09, 09:22 PM   #1
artifice
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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?
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Old 07-15-09, 09:31 PM   #2
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I'd be weary of mixing friendship and business.
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Old 07-15-09, 09:32 PM   #3
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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?
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Old 07-15-09, 09:35 PM   #4
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Also a high risk proposition.
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Old 07-15-09, 09:36 PM   #5
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jschen, you make a great conscience.

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.
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Old 07-15-09, 09:58 PM   #6
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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.
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Old 07-15-09, 11:15 PM   #7
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jschen, you make a great conscience.
I'm glad to hear that I did something useful for the day.
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Old 07-16-09, 12:41 AM   #8
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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.
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Old 07-16-09, 12:52 AM   #9
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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.
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Old 07-16-09, 08:46 AM   #10
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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).
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Old 07-16-09, 08:55 AM   #11
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I thought this was going to be about a place where I could buy some friends.

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Old 07-16-09, 08:56 AM   #12
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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.
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