Lender "Pre-Approvals" -- Maybe You are Pre-Approved or Maybe Not!

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Real Estate Agent with Prudential California Realty

One day the buyer is qualified; the next day he is not! I've had several buyers and offers from buyers that have pre-approvals written 2 weeks ago but now they are just pieces of scratch paper. Lenders are changing their guidelines on a daily basis, so if you are a buyer and you got approved a few weeks ago, you better check again before you go househunting this weekend. And if you just got pre-approved a few days ago BUY SOMETHING fast because you may not be approved next week.

That said, the most important aspect of homeownership is not the color of the walls or the size of the backyard...it's #!) affording the payment and 2) planning on staying in the home for a few years at least. There are great deals on nice properties out in the market right now. There are also a lot of overpriced properties so you have to know which is which and exactly what is a good deal.

 

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Rainer
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Al Maxwell
Coldwell Banker - Marietta, GA
Real Estate Agent
So, so true. It's a new world out there when it comes to mortgages! Time to get to know the lenders even better.
Sep 07, 2007 09:01 PM #1
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Rainmaker
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Shari Posey

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