Are real estate agents bias?

[Michael L.]

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

[Michael L.]

Quote from @Mike Dymski:

Most business are...can't be everything to everybody (or don't want to be).

@Mike Dymski, this is true.

[Michael L.]

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

@All Responders, I appreciate all the participation under this post. My goal was to gain insight and overstanding on the different ways the r/e space is operated, and with my BP Fam's help I accomplished that. Maybe that agent wasn't being bias, an though the agent didn't specify maybe their firm as a whole operates that way an not just the agent individually. I think I'mma give that agent a call back for clarity about this, good idea or no?

[Bonny Durbin]

Quote from @Michael L.:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

@All Responders, I appreciate all the participation under this post. My goal was to gain insight and overstanding on the different ways the r/e space is operated, and with my BP Fam's help I accomplished that. Maybe that agent wasn't being bias, an though the agent didn't specify maybe their firm as a whole operates that way an not just the agent individually. I think I'mma give that agent a call back for clarity about this, good idea or no?

 If you didn't get good vibes on the first contact, I would try another agent. Why make your life difficult! Agents and clients need a good relationship to get through the process.

Good Luck on your Journey!

[Carlos Ptriawan]

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 haha, and i am buyer , i feel bad for real estate agent sometimes, they work hard still get so little, buyer think re agent is rich especially if the agrent drive a nice car lol this is why when i transact to real estate agent, i show my bank account first, show my million above pre-qualification , and then even said to them, you don't need to go to with me to the house, dont waste your gas money and time , i am still only exploring, but please just send me property inspecton disclosure.  

so they dont need to waste my money/time, and vice versa. it's not about real estate agent has bias, but there're too many of them with too many unqualified buyer with too little house to choose, it's frustrating job sometimes, even when they work it out, the comms is cut by the house. lol

[Eliott Elias]

Quote from @Michael L.:

Quote from @Eliott Elias:

Why would anyone work with a buyer who can't get qualified with the bank? Waste of time. 

@Elliot Elias, why is that a waste of time if I have access to other sources of funds?

 They don't know that. 

[David Dachtera]

Agents and brokers are just like investors in that they are profit motivated. If you can't get foot in a lender's door, so to speak, they'd be wasting their time with you.

That said, if you can pay cash or provide other sources of funding, be prepared to demonstrate that ... for find another agent / property.

[Michael L.]

Quote from @Eliott Elias:

Quote from @Michael L.:

Quote from @Eliott Elias:

Why would anyone work with a buyer who can't get qualified with the bank? Waste of time. 

@Elliot Elias, why is that a waste of time if I have access to other sources of funds?

 They don't know that. 

@Elliott Elias, I spoke on have a lender to back me, that's when I got the response of only accepting bank qualified buyers. I was told through this thread that some firms operate under the guidelines of bank approved buyers though the agent didn'tspecify that, I didn't know that existed.

[Michael L.]

Quote from @David Dachtera:

Agents and brokers are just like investors in that they are profit motivated. If you can't get foot in a lender's door, so to speak, they'd be wasting their time with you.

That said, if you can pay cash or provide other sources of funding, be prepared to demonstrate that ... for find another agent / property.

@David Dachtera, I would've respected that an did what was necessary to move forward.

[Michael L.]

Quote from @Bonny Durbin:

Quote from @Michael L.:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

@All Responders, I appreciate all the participation under this post. My goal was to gain insight and overstanding on the different ways the r/e space is operated, and with my BP Fam's help I accomplished that. Maybe that agent wasn't being bias, an though the agent didn't specify maybe their firm as a whole operates that way an not just the agent individually. I think I'mma give that agent a call back for clarity about this, good idea or no?

 If you didn't get good vibes on the first contact, I would try another agent. Why make your life difficult! Agents and clients need a good relationship to get through the process.

Good Luck on your Journey!

@Bonnie Durbin, respect💯!

[Michael L.]

Quote from @Carlos Ptriawan:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 haha, and i am buyer , i feel bad for real estate agent sometimes, they work hard still get so little, buyer think re agent is rich especially if the agrent drive a nice car lol this is why when i transact to real estate agent, i show my bank account first, show my million above pre-qualification , and then even said to them, you don't need to go to with me to the house, dont waste your gas money and time , i am still only exploring, but please just send me property inspecton disclosure.  

so they dont need to waste my money/time, and vice versa. it's not about real estate agent has bias, but there're too many of them with too many unqualified buyer with too little house to choose, it's frustrating job sometimes, even when they work it out, the comms is cut by the house. lol

@Carlos Ptriawan, in order for you to get pre-qualified for north of a million (congrads to you on that👏🏻) you had to start from somewhere that wasn't nowhere near that point. From what I gathered, some agents can be bias, then some may be working under the guidelines of their firm. Nevertheless, it's all overstood and accepted bc I was able to learn something from it.

[Michael L.]

Quote from @Bonny Durbin:

Quote from @Michael L.:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

@All Responders, I appreciate all the participation under this post. My goal was to gain insight and overstanding on the different ways the r/e space is operated, and with my BP Fam's help I accomplished that. Maybe that agent wasn't being bias, an though the agent didn't specify maybe their firm as a whole operates that way an not just the agent individually. I think I'mma give that agent a call back for clarity about this, good idea or no?

 If you didn't get good vibes on the first contact, I would try another agent. Why make your life difficult! Agents and clients need a good relationship to get through the process.

Good Luck on your Journey!

@Boonie Durbin, an thank you for the words of encouragement👍🏻.

[Carlos Ptriawan]

Quote from @Michael L.:

Quote from @Carlos Ptriawan:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 haha, and i am buyer , i feel bad for real estate agent sometimes, they work hard still get so little, buyer think re agent is rich especially if the agrent drive a nice car lol this is why when i transact to real estate agent, i show my bank account first, show my million above pre-qualification , and then even said to them, you don't need to go to with me to the house, dont waste your gas money and time , i am still only exploring, but please just send me property inspecton disclosure.  

so they dont need to waste my money/time, and vice versa. it's not about real estate agent has bias, but there're too many of them with too many unqualified buyer with too little house to choose, it's frustrating job sometimes, even when they work it out, the comms is cut by the house. lol

@Carlos Ptriawan, in order for you to get pre-qualified for north of a million (congrads to you on that👏🏻) you had to start from somewhere that wasn't nowhere near that point. From what I gathered, some agents can be bias, then some may be working under the guidelines of their firm. Nevertheless, it's all overstood and accepted bc I was able to learn something from it.

RE agent has multiple background and their level of ego as well, try to work with someone new and young, they're more accepting and still learning in their process, they are also more fun. as veteran buyer, i prefer to work with younger agent and i honestly tell what i know about them and about us what we want, at the end we are building their career. you could check how many houses they are selling in last 12 months, sometimes we need to teach them. i had lot of story with realtor lol, there're few that wanna become my gf as well lol

[Monica Der]

Bank qualified buyers mean pre-approved buyers. There is a way to convey requirements without being a jerk. They should have explained to you that if you aren't pre-approved for a loan, that it is their choice to only work with buyers who are and the reasons. My reasons are that I work on commission so I only get paid when I close a deal. If I work with buyers who cannot afford to purchase a property that would not be the best use of my time. Also as a buyer you will need to have that pre-approval in hand to show sellers you are able to actually afford the purchase. 

[Jose Clavijo]

The agent should have explained the reason why he would rather work with a qualified or "pre -approved buyer". The buyer should let the agent know of all the details of the purchase so he can serve them better. In my early days as a realtor i would go out with any buyer that was "ready", i wasted time but also learned from the process. Today I have buyers pre-qualify with a lender i know and trust, he will give them great service and guide them step by step, at the end of the day we all want to close. 

[Bud Gaffney]

@Michael L.100%. They make a living on sales. Need to do your due diligence

[Michael L.]

Quote from @Bud Gaffney:

@Michael L.100%. They make a living on sales. Need to do your due diligence

@Bud Gaffney, can you elaborate on what you mean by doing my dd?

[James Wise]

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 Agents get paid when you close a transaction. The agent was qualifying you to make sure you had the ability to close the transaction. This is normal stuff so that agents do to all perspective clients so that they don't end up working with someone who doesn't result in a paycheck.

[Michael L.]

Quote from @James Wise:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 Agents get paid when you close a transaction. The agent was qualifying you to make sure you had the ability to close the transaction. This is normal stuff so that agents do to all perspective clients so that they don't end up working with someone who doesn't result in a paycheck.

@James Wise, I hear that and I feel that but the agent didn't care that I have lenders to help me get the deal done which results in a paycheck. The agent didn't even ask for proof of funds, so I don't see where he was looking for a qualified buyer other than being bank qualified. An from what I hear, that could've been a stipulation set buy the agent's firm. Clear communication is the step to a good practice and the agent agent lacked that.

[James Wise]

Quote from @Michael L.:

Quote from @James Wise:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 Agents get paid when you close a transaction. The agent was qualifying you to make sure you had the ability to close the transaction. This is normal stuff so that agents do to all perspective clients so that they don't end up working with someone who doesn't result in a paycheck.

@James Wise, I hear that and I feel that but the agent didn't care that I have lenders to help me get the deal done which results in a paycheck. The agent didn't even ask for proof of funds, so I don't see where he was looking for a qualified buyer other than being bank qualified. An from what I hear, that could've been a stipulation set buy the agent's firm. Clear communication is the step to a good practice and the agent agent lacked that.

 It sounds like this agent doesn't think you have legit lenders. There are a lot of bogues hard money lenders out there so this is also normal for agents to do.

From here I obviously have no idea whether or not your lenders are legit, but I've got no dog in this fight so that's irrelevant anyway. You need to find an agent who thinks your lenders are legit. If you get a similar response from other agents, perhaps it's possible your lenders are not legit and you need to re-evaluate your plan of attack.

[Edgar Z Whelan]

In my market a pre approval means nothing. We want to see a desktop underwriter (DU) report. This is asked by listing agents and selling agents.  Cash requires a recent proof of funds

[Jay Hinrichs]

Quote from @James Wise:

Quote from @Michael L.:

Quote from @James Wise:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 Agents get paid when you close a transaction. The agent was qualifying you to make sure you had the ability to close the transaction. This is normal stuff so that agents do to all perspective clients so that they don't end up working with someone who doesn't result in a paycheck.

@James Wise, I hear that and I feel that but the agent didn't care that I have lenders to help me get the deal done which results in a paycheck. The agent didn't even ask for proof of funds, so I don't see where he was looking for a qualified buyer other than being bank qualified. An from what I hear, that could've been a stipulation set buy the agent's firm. Clear communication is the step to a good practice and the agent agent lacked that.

 It sounds like this agent doesn't think you have legit lenders. There are a lot of bogues hard money lenders out there so this is also normal for agents to do.

From here I obviously have no idea whether or not your lenders are legit, but I've got no dog in this fight so that's irrelevant anyway. You need to find an agent who thinks your lenders are legit. If you get a similar response from other agents, perhaps it's possible your lenders are not legit and you need to re-evaluate your plan of attack.

EXACTLY  fake lenders abound a lot of HML out there these days will give you a pre qual letter by just asking they are worthless..  and most agents know this many dont though.. find one who is not experinced and is willing to work.. also if these are MLS .. its simple to set someone up on MLS daily hot sheet listings its a simple click of a button.. NO one drives buyers around and shows them 20 houses especially in investment real estate ..

[Michael L.]

Quote from @James Wise:

Quote from @Michael L.:

Quote from @James Wise:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 Agents get paid when you close a transaction. The agent was qualifying you to make sure you had the ability to close the transaction. This is normal stuff so that agents do to all perspective clients so that they don't end up working with someone who doesn't result in a paycheck.

@James Wise, I hear that and I feel that but the agent didn't care that I have lenders to help me get the deal done which results in a paycheck. The agent didn't even ask for proof of funds, so I don't see where he was looking for a qualified buyer other than being bank qualified. An from what I hear, that could've been a stipulation set buy the agent's firm. Clear communication is the step to a good practice and the agent agent lacked that.

 It sounds like this agent doesn't think you have legit lenders. There are a lot of bogues hard money lenders out there so this is also normal for agents to do.

From here I obviously have no idea whether or not your lenders are legit, but I've got no dog in this fight so that's irrelevant anyway. You need to find an agent who thinks your lenders are legit. If you get a similar response from other agents, perhaps it's possible your lenders are not legit and you need to re-evaluate your plan of attack.

@James Wise, I never gave a name and wasn't asked to verify my lender in any kind of way. Outside of that, I overstand where you're coming from.

[Michael L.]

Quote from @Jay Hinrichs:

Quote from @James Wise:

Quote from @Michael L.:

Quote from @James Wise:

Quote from @Michael L.:

I recently had a r/e agent tell me that their firm only transact with bank qualified buyers. Is this normal and why only bank qualified?? Or, was that person just being a jerk on a Friday🤷🏼‍♂️?

 Agents get paid when you close a transaction. The agent was qualifying you to make sure you had the ability to close the transaction. This is normal stuff so that agents do to all perspective clients so that they don't end up working with someone who doesn't result in a paycheck.

@James Wise, I hear that and I feel that but the agent didn't care that I have lenders to help me get the deal done which results in a paycheck. The agent didn't even ask for proof of funds, so I don't see where he was looking for a qualified buyer other than being bank qualified. An from what I hear, that could've been a stipulation set buy the agent's firm. Clear communication is the step to a good practice and the agent agent lacked that.

 It sounds like this agent doesn't think you have legit lenders. There are a lot of bogues hard money lenders out there so this is also normal for agents to do.

From here I obviously have no idea whether or not your lenders are legit, but I've got no dog in this fight so that's irrelevant anyway. You need to find an agent who thinks your lenders are legit. If you get a similar response from other agents, perhaps it's possible your lenders are not legit and you need to re-evaluate your plan of attack.

EXACTLY  fake lenders abound a lot of HML out there these days will give you a pre qual letter by just asking they are worthless..  and most agents know this many dont though.. find one who is not experinced and is willing to work.. also if these are MLS .. its simple to set someone up on MLS daily hot sheet listings its a simple click of a button.. NO one drives buyers around and shows them 20 houses especially in investment real estate ..

@Jay Hinrichs, thanks for the heads-up on the false lender epidemic, I wasn't aware that that was thing.