From a reader of Craig’s Arizona, this question comes up from time to time and it’s a valid one as not all markets have the same answer. In the Phoenix Real Estate market, there is no rule that says you have to be Pre-Qualified to make an offer, however, I will tell you that many agents will consider your offer less than valid unless you provide Proof of Funds for a full cash offer or a Pre-Qualification Form filled out by a Mortgage Agent/Office. The reason being is no one wants to waste time unless they know the buyer can close on the purchase and that requires a form to prove it. In the last 6 years, I don’t recall a time that I put an offer in on a buyer without one. In fact, I won’t take you into any homes unless I have some proof you can afford the home I am showing you.
Another point that comes up is can I get one right after I find a home? Sure, but many agents will call the Mortgage Agent/Officer that filled out the form and the worst thing that can happen is for that agent to say they don’t remember you. You want to have relationship with your Mortgage Agent/Officer so they can instill confidence in your offer and that requires more than 15 minutes before putting an offer in.