Require X-Qualification to Avoid Agent/Brokers with Fake Buyers

[Neil G.]

CROSS-QUALIFICATION Requirement.. In cases where neither a brokers' open nor periodic open houses is feasible, is requiring buyers interested in seeing property to first CROSS QUALIFY with a specified Mortgage Broker (in the MLS)) a good way to screen out the plethora of buyers just 'window shopping' often not even 'really' qualified other than per their own or their agent/broker's word?

And what sort of referral fee would be reasonable to be expected from promoted Mortgage Broker if they end up financing the deal??

[Jay Orlauski]

Hi Neil -  I have seen many listings specify that only pre-qualified buyers should inquire - and have also seen them make you qualify with a specific lender that they know and trust. As far as being able to view your home - I look at it like this -  @Kristine was right about the state of the market - if a sellers market - be sure that you let the agents know you only want pre qualified buyers coming through - but in a buyers market - it might make sense for several reasons to let them come over and look - the more eyes on it the better - the agent might see it and know of someone else who will want it or another agent who is looking for something similar. Investors many times may not be pre qualified because - as specified earlier -they may not want to line their money up until they know they want the property and you don't want to miss out on those.  Another way to look at it is the convenience factor - are you already going to be home anyway and are not doing anything?  let them come over with their agent. But if you are out and about and you have to arrange to be there have to make some other arrangements like putting up the dog or pretty much anything that is an inconvenience for you ..  and it's something you don't feel like coordinating - make sure they are qualified in advance so that you do not have to waste your time.  

As far as a referral fee is concerned - You might maybe offer some nice Starbucks gift cards to any lender that sends you a pre-qualified buyer as a thank you - I would not make any official statements about paying them every time they send someone to you - but a nice thank you and gift card can go a long way - just be sure to look at the RESPA  rulings to be sure that you are not in violation of compliance.  

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