I couldn't have said it better. Richard Weisser does an excellent job in his explanation. I have seen the disappointment many times with buyers who were confident a preapproval wouldn't be an issue. And even when a buyer has a preapproval, there are still many hoops to jump. I work with several lenders who are willing to put a buyer through underwriting where things might be questionable so that the buyer can be confident through the process of where they stand. Not all lenders are alike when it comes to getting a preapproval. Choose wisely. Ask your realtor for recommendations. They work with many lenders over and over and know how they operate.
I talk to potential buyers every day. Most of them give me a call about a specific property they have seen on the Internet that they want to see right away.
At some point in the initial conversation, I ask if they have talked to a lender about prequalification. Most admit that they have not, but indicate that they have excellent credit and have purchased many homes in the past.
Often, when I try to tell them that the criteria for obtaining a loan are much more stringent these days, they feel like I just don’t want to show them the property. That is only partially true. I don’t want to show them property until they talk to a lender.
There is nothing worse than having a buyer fall in love with a property that they later discover that they cannot purchase. It is morally devastating and a frustrating waste of time and effort.
It is much better start the process correctly, and to have a preapproval letter in hand, ready to attach to an offer to purchase. No time is lost, and the offer is much more appealing to the seller.
And even more importantly, it is better to discover potential stumbling blocks early in the game, when they can be addressed and corrected.
So when I ask a buyer to speak to a lender, I am not putting them off unnecessarily. I am only doing my job as a professional to serve them better.
And to help you get the best deal on your next home purchase.
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