Why Can’t You Show Me Properties Before I’m Preapproved for a Loan?

By
Real Estate Agent with Century 21 Liberty Homes RS-#62825

"Why Can't You Show Me Properties Before I'm Preapproved for a Loan?"

I have had at least a third of my ‘potential' clients ask me this question and to tell you the truth it's a very valid question for the first time home buyer.  The excitement of making that first initial decision to purchase a home was their first step and then they immediately want to go out looking at that dream home with four bedrooms and a perimeter lot with a ‘to die for' view of the ocean.

It's 1.5 million dollars.

What is your desired monthly mortgage payment?  In other words, are you comfortable with paying XXX  per month for that dream home? The first time home buyer will usually have an amount in mind that is one third the payment per month for that million dollar home.

Speak to a Hawaii Local Lender who will gather all your information (income, credit, debt etc.) so they can conclude what price range you are qualified for and are comfortable with for that monthly mortgage payment.  The loan officer will also give you options for loan programs that will suit your needs.

Getting preapproved will also save time and heartache.  How?  Knowing what price range you're approved for will keep you in a realistic frame of mind in searching for that dream home. There is no sense looking at million dollar homes when you are qualified for a half a million dollar home.  We make appointments and look at your selected price range of homes (or condos/townhouses) so we aren't spinning our wheels and wasting time.

And......

No broken hearts over a "to die for home"

........ that you can't afford.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

  

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Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

 © 2007-2014 Celeste "Sally" Cheeseman's

Hawaii Real Estate and Relocation Blog.

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Re-Bloggged 3 times:

Re-Blogged By Re-Blogged At
  1. Julie Chroust 01/16/2011 01:22 PM
  2. Lanette Branch 01/16/2011 01:44 PM
  3. Ed Silva 01/24/2011 09:41 AM
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Topic:
Home Buying
Location:
Hawaii Honolulu County
Groups:
1st Time Buyers
Active Rain Newbies
BananaTude
POSITIVE ATTITUDE for the Weary Soul
Realtors®
Tags:
hawaii first time home buyer
hawaii loan officer
loan preapproval

Comments 27 New Comment

Ambassador
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George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Sally, Realtors send me their Buyers to be Pre-Approved all the time, and it is a good thing that they do,  because a large percentage of them are not in a position to purchase a house, income wise, or credit wise.  If they had not taken the precaution of having them Pre-Approved first they would have spent a lot of time showing them houses that they can not buy.

January 16, 2011 10:16 PM
Ambassador
1,019,404
Celeste "SALLY" Cheeseman
RA, CRS, Hawaii Mililani Oahu Real Estate
Century 21 Liberty Homes

I think the majority of us agree that getting preapproved is the first step...and the most logical so both sides are not wasting time looking/showing houses that are not affordable to the client.

I mean...why even get someones hopes up by showing property without knowing?

January 17, 2011 12:04 PM
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Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

All I can say to this is OY! I REFUSE to show people properties if I don't have a preapproval! There are plenty of agents that will, so they can move on if they want to and that is fine with me but I refuse to waste my time and energy if they can't even comply with something that simple.

January 17, 2011 08:43 PM
Rainmaker
319,946
Steven Nickens
R(S)GRI ABR, Maui Real Estate Hawaii
Island Sotheby's International Realty

Sally, it saves everybody, the sellers, buyer's and agents a lot of grief, nice article.

January 17, 2011 10:44 PM
Rainmaker
276,790
Kathryn Maguire
Serving Chesapeake, Norfolk, VA Beach
GreatNorfolkHomes.com (757) 560-0881

Excellent post! It is better for the buyer so that they will look only at homes they can afford. Also, if they are not in a position to qualify for a mortgage, they can start repairing any problems sooner.  A good lender will work with them to develop a plan to position themselves for approval.

January 24, 2011 10:16 AM
Ambassador
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Celeste "SALLY" Cheeseman

RA, CRS, Hawaii Mililani Oahu Real Estate
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Reading my blog will give you the human side of this Real Estate Industry Professional as well as allowing you to walk beside me through my writing about Hawaii Real Estate & our Local Area. As a resident of Honolulu County Hawaii for 42 years you will get a tour of a lifetime. Specializing in Hawaii Relocation Military VA Home Buyers you can be rest assured you will be in good hands. I LISTEN to YOUR needs and give you sound advice. Hawaii Relocations, Hawaii Military Relocations, Mililani Hawaii Real Estate, Living in Hawaii, Army Navy Air Force Marines in Hawaii. Read more at www.cheesemanhomes.com