Why We Want You to Get A Preapproval Letter BEFORE You Start Looking For Homes!

Reblogger John Handschuh
Real Estate Agent with RE/MAX Action Realty PARE # RS208307

Bliz,

Thinking about buying a new home, first home, etc. Bliz explains the importance of being a qualified purchaser. Buyers, the first step is getting pre-approved with a mortgage lender. Below a nice list of reasons as to why !

 

Make it a great day !!

Original content by Liz and Bill Spear SAL.2002007747

CheckWhy We Want You to Get A Preapproval Letter BEFORE You Start Looking For Homes!

You might be of the mindset that you want to find that dream home before you start checking out getting a loan.  We understand, you've heard the stories about credit scores dropping from getting checked, and "Hey, MY credit is totally great!  I'm GOLDEN!  I've never missed a payment on anything!"

But here's the thing, we'd be doing you a serious disservice if we DIDN'T recommend you get with a loan officer as early as possible in the process.  Why you ask?

Glad you're interested in knowing!

  • Loan standards and programs are constantly changing!  A good loan office can review your situation and determine the best program for you!  And if there's something in your credit history that might put a crimp in your ability to buy, well they can tell you what you need to do to fix it!
  • Do you want to be taken seriously by the sellers?  When you find that perfect home, chances are they're going to want to have a preapproval letter attached to your offer!  They NEED to know you've demonstrated at least the minimal ability to get the cash!  Put their hat on, would you feel comfortable taking your home off the market because someone said "TRUST ME!  I'm good for it?".  Trust us, we'd be advising our sellers to leave the home ACTIVE until you and your agent got us the letter!
  • We need to know the type program you'll be using for financing so we know how to prepare the offer.  A week or two AFTER the contract is accepted is a little late to realize you need closing cost assistance!  If we know what you need, we can build it into the original offer.  Sellers HATE surprises like that later!
  • And lastly, this one is mainly for us!  We don't want to be the bad guys.  You think you can buy a home at $xxxxxxx price.  We show you homes at $xxxxxxx price.  You and your family find THE ONE, THE DREAM HOME.  And THEN you find out you can't afford to buy it.  Just a bit beyond what you can get a loan for.  You're crushed, and it's OUR fault for letting you in the home to start with when WE didn't know if you were actually qualified to buy it.

So can you see WHY we feel it's critical to get that preapproval letter first?  It REALLY is in YOUR best interest.  Don't know a great loan officer?  We can help find one for you!  Just give us a call or email and we'll be happy to get the process started for you!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

The Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite
Two locations: Lebanon & Mason, OH
Office direct: 513-248-3660
  Liz direct:  513-265-3004
Bill direct: 513-520-5305 Fax: 866-302-8418
      EHO

MailTo: Liz@LizSpear.com  Visit: http://www.LizTour.com

 

 

 

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Ambassador
1,467,763
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

John, Thanks for the reblog!  Always appreciated :)

Jul 30, 2011 06:24 PM #1
Rainmaker
243,168
John Handschuh
RE/MAX Action Realty - Horsham, PA
Realtor ABR SRES, Horsham Real Estate

Bliz,

You are welcome. Great post well worth the reblog.

 

Make it a great day !!

Jul 30, 2011 06:27 PM #2
Ambassador
1,677,735
Margaret Rome, Baltimore Maryland
HomeRome Realty - Baltimore, MD
Sell Your Home With Margaret Rome

Good reblog by Liz and Bill. 

 Don't forget there are still a few buyers who can pay cash. Don't turn them off by not asking the right question.  ''How do you plan on financing?'' ..is a good way to start.

Jul 30, 2011 08:29 PM #3
Rainmaker
243,168
John Handschuh
RE/MAX Action Realty - Horsham, PA
Realtor ABR SRES, Horsham Real Estate

Hello Margaret,

Yes "How do you plan on financing" is an important question. Each customer/client needs to be carefully evaluated to best serve their needs. Realtors have to read between the lines with each situation. Buyers only discuss within their comfort zone.

Jul 31, 2011 07:26 AM #4
Rainmaker
315,240
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

As a short sale listing I can confirm that the foreclosing lender will not consider an offer unless accompanied by a preapproval letter.

Jul 31, 2011 11:41 AM #5
Rainmaker
243,168
John Handschuh
RE/MAX Action Realty - Horsham, PA
Realtor ABR SRES, Horsham Real Estate

Dave,

Most agents require a pre-approval before even considering to discuss an offer with their seller.

 

Make it a greats day !!

Jul 31, 2011 12:39 PM #6
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John Handschuh

Realtor ABR SRES, Horsham Real Estate
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