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A house in my area sold back in January and I could have been interested in this property. There was no listing but the records do show an agent.
Agent's get (?) first hand knowledge of various properties before listing and can contact buyers?
If agent John Doe knows of one property before listing can John also know of other properties in the hands of other agents not just himself?
An agent asked me last week for price range, loan approved and copy of that.
If I remember from other questions buyers should not make their maximum loan amount 100% public to a seller or agent or agency.
I expressed my view that some properties sell without knowledge (no listing, back door or side door sale whatever you want to call it). And as if they knew of or had the ability to find properties ahead of a listing she asked my price range. Then was I loan approved. And then wanted a copy of the pre-approval.
I gave a price range and used the format "up to $x or so."
Yes pre-approved but I have not given them a copy of the letter.
Our only communication has been by text messages.
If I understand correctly your main question is this?
Quote:
Agent's get (?) first hand knowledge of various properties before listing and can contact buyers?
If agent John Doe knows of one property before listing can John also know of other properties in the hands of other agents not just himself?
Agents certainly know people who are thinking about selling, may have talked to them, may live near them, may be friends with them... And they know and talk to other agents and overhear them talking about a house or a buyer they know about who is looking and having a hard time finding anything. It's a small world. Sometimes it works out that they can put together a deal with these people off market... but no there is not some super secret club where unlisted properties are overtly or covertly shared. In fact, that would be expressly against our rules here.
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"I didn't do it, nobody saw me"
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Location: Ocala, FL
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I am wondering if the OP is referring to "pocket listings" when an agent doesn't introduce a home/property to the MLS and prefers to sell it on their own.
In my city, there are several neighborhoods where a small original hourse (say, 1500-2500 SF, built 1950-1970) simply never comes on the market. Builders and real estate agents, working hand in hand, execute sales off-market and no one outside that circle ever knows the house was sold till the day the bulldozers come to knock it down and start the 6000 SF McMansion that replaces it.
This agent asking my price range and wanting a copy of my pre-approval letter reminded me of a comment on another thread (?) about not disclosing the most you can pay.
At this point the agent knows I'm looking and I did give a price range.
But I am on the fence on giving them a copy of my approval letter.
Should I?
This agent asking my price range and wanting a copy of my pre-approval letter reminded me of a comment on another thread (?) about not disclosing the most you can pay.
At this point the agent knows I'm looking and I did give a price range.
But I am on the fence on giving them a copy of my approval letter.
Should I?
Should you give your agent your approval letter?
Of course! There is NO benefit to you hiding anything from your own agent. Your agent should know your budget. It hinders only you to have your own agent be unclear about what property price ranges you might be interested in.
The letter should not be a secret. The letter is going to be given to not just your agent, but will be included in any offer. The purpose of the letter is to convince a seller you actually have the financial wherewithal to back up your offer.
If there is need for holding anything close, it should be in the wording of the letter. The letter does not need to disclose your complete budget, only that you qualify what you are willing to pay for THIS OFFER.
Best practice is to have your lender write a letter specific to each offer.
Of course! There is NO benefit to you hiding anything from your own agent. Your agent should know your budget. It hinders only you to have your own agent be unclear about what property price ranges you might be interested in.
The letter should not be a secret. The letter is going to be given to not just your agent, but will be included in any offer.
If there is need for holding anything close, it should be in the wording of the letter. The letter does not need to disclose your complete budget, only that you qualify what you are willing to pay for THIS OFFER.
Best practice is to have your lender write a letter specific to each offer.
We have only communicated by text messages. There is nothing to offer on. They want my approval letter before they start looking for properties that might not yet be listed.
OK - same answer, just not as far down the road. Eventually, there will be offers and they want to make sure you're ready. They want to know you are a qualified buyer (or working on getting there!) before spending a lot of their own time and money working for you.
Why would you NOT want them to be sure you're qualified for the properties they are hoping to find for you? Making sure you are qualified to buy sets you up for success and avoids problems that arise when buyers have NOT verified their financials prior to making offers.
They're making sure you're qualified, so they can tell sellers you are qualified.
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