New to Real Estate · Inglewood, CA. · Member since 2020 · 13 posts · 5 votes
Hello, I've been helping my parents look for new property, since they want to move out, they currently live on a duplex and plan to move to a new place and use their current property as a rental, as I'm helping them look for houses, we found one that they're interested in. I talked with a real estate agent on Realtor.com and my parents will need to be prequalified in order to see the property. My mom told me that we should get a personal real estate agent in order to prevent having their credit score checked and lowered. Any advice on how to move forward with this?
Lake Oswego, OR · Member since 2020 · 58 posts · 24 votes
5y
@Edwin Revolorio
Don’t go the route with online lenders. It’s so difficult know if they’re any good. Trust me. Go with someone who is personally recommended by someone you trust. You must have your credit pulled and fully preapproved in order to know really truly what they qualify for. This is not the market to assume anything. You have to come prepared when you’re submitting an offer. Good luck!
Realtor · Denver, CO · Member since 2020 · 259 posts · 153 votes
5y
Hey @Edwin Revolorio! An option that might fit your mom's situation would be to utilize an online lender to get preapproved. A company like Better.com will only do soft pull, which will not impact your mother's credit score and will give her an initial preapproval letter. Best of luck!
Real Estate Agent · San Francisco · Member since 2018 · 42 posts · 13 votes
5y
@Edwin Revolorio Hey Edwin. A hard credit check for a loan is going to lower their score by a negligible amount, if they are serious about buying in the next 3 months, it would be beneficial for them to receive a proper approval/underwritten approval from a lender. They can also get a pre-qualification which doesn't involve a credit check although some listing agents may not accept that for tour scheduling.
An agent will be helpful in scheduling the tours and possibly setting up a tour without an approval on hand. If your parents have a proof of funds document they can provide or the agent can reference a local lender they are in discussions with, that usually suffices.
If you are looking for a local agent, I'm happy to refer you to someone who can help with this process. You can send me a direct message.
Lake Oswego, OR · Member since 2020 · 58 posts · 24 votes
5y
@Edwin Revolorio
Don’t go the route with online lenders. It’s so difficult know if they’re any good. Trust me. Go with someone who is personally recommended by someone you trust. You must have your credit pulled and fully preapproved in order to know really truly what they qualify for. This is not the market to assume anything. You have to come prepared when you’re submitting an offer. Good luck!