Power of Being a Pre-Approved Buyer

By
Real Estate Agent with Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com TREC #0492321
http://actvra.in/GbX

Power of Being a Pre-Approved Buyer
Power of Being Pre-ApprovedThere is no doubt in most real estate markets that those Pre-Approval Letters carry more power than those Pre-Qualification Letters. The facts remain that those who seek pre-approval are more likely to close their transactions than those who are only pre-qualified. Naturally, the lenders will state that certain lender requirements will have to be met to get final underwriting approval, but a Pre-Approved Loan still carries more weight.

In most cases, real estate agents want to be assured that their buyers are able to complete their transactions from contract to closing.  Normally, financing takes about 30 to 45 days depending on the type of loan, and any other lender requirements.  This month’s video presentation from KW International just about sums it all up for buyers, who are getting pre-approved before they start their home search. With interest rates at an all time low of 3.53%, Now is a Great Time to Buy that new home, condo, or townhome.


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Jerry Newman, MA, REALTOR®, ABR®, GREEN, MRP, CMRS

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Topic:
Home Buying
Location:
Texas Bexar County San Antonio
Groups:
Real Estate Rookie
Lone Star Real Estate Professionals
Texas Real Estate
It's A Buyer's Market
Almost Anything Goes
Tags:
contrat to close
prequalified
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Rainmaker
565,313
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Jerry-This is an important part of making sure the real estate transaction can be completed. We will not submit an offer without a mortage pre-approval or proof of funds for a cash deal. Good info.

Aug 11, 2012 09:28 AM #17
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes. Lottie. Those Pre-Approval simply carry nore weight. All buyers need to get them first.

Aug 11, 2012 01:08 PM #18
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Debbie. A Green Light and No Warning signs is what we get with those Pre-Approvals.

Aug 11, 2012 01:10 PM #19
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Mona. Avoiding disappointments is the Goal all right. Why not take those extra steps to get Pre-Approved?

Aug 11, 2012 01:14 PM #20
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Andrea. I would have to agree about those Pre-Quals. Those Pre-Approvals give all of us confidence on a sure closing.

Aug 11, 2012 01:24 PM #21
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Pat. The key word is "Confidence" for everyone. Good communication with Lenders is very helpful too.

Aug 11, 2012 01:29 PM #22
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Kevin, I will give you a call later today, but you have to use the "old embed code" from YouTube that starts with "object", and not iframe.

Aug 11, 2012 01:31 PM #23
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Gretchen. Buyers will know what they can buy or not with a Pre-Approval. I always recommend this for my clients.

Aug 11, 2012 01:36 PM #24
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Susie. No doubt you will have a smooth closing with your present client. Best Wishes on finding the right home for them.

Aug 11, 2012 01:46 PM #25
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Tom. I believe the video says it all. Pre-Approval is the only way to go. Have a Nice Weekend!

Aug 11, 2012 01:47 PM #26
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Brenda, It doesn't take long to get Pre-Approved too. We all love to see buyers who have taken the necessary steps to accomplish this.

Aug 11, 2012 02:37 PM #27
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Charles, I love the Motto, "Don't Go Shopping without one". Have a Wonderful Weekend!

Aug 11, 2012 02:38 PM #28
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Belinda, We are beginning to see mulitple offers in certain communities, and those Buyers that have that Pre-Approval just look stronger than those who don't have one.

Aug 11, 2012 02:40 PM #29
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks, Stephanie, It's always great to have a knowledgable loan officer like yourself to help my buyers get that Pre-Approval. Have a Nice Weekend!

Aug 11, 2012 02:42 PM #30
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Fred, It actually takes about 30 to 45 days to close the deal, but the Pre-Approval process is much faster.

Aug 11, 2012 02:43 PM #31
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Wayne. It's just a Good Practice to have in place. Proof Funds or the Pre-Approval is always best.

Aug 11, 2012 02:47 PM #32
Rainmaker
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Will Hamm
Hamm Homes - Centennial, CO
Where There's a Will, There's a WAY!

Hey Guy,  Great blog, I always tell people we need to get the horse before the cart to do it right.

Aug 11, 2012 08:22 PM #33
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Will. It's a great lesson to teach all my buyers. I just want them to be in a better position to make those offers.

Aug 12, 2012 02:50 PM #34
Rainer
191,823
Stephanie Stringer
First Choice Loan Services NMLS#210764 - San Antonio, TX
Mortgage Loan Originator

Hello Jerry- I had to re-visit your blog to share with you some exciting information that just rolled out with our company.  It's actually better than a pre-approval letter.   If you have a serious buyer looking to purchase in the next 60 days I will gather their income, asset information and order tax transcripts through the IRS and then submit the file into underwriting without a property contract.  Yes, an underwriter will decision the loan without a contract.  My conditions will be pretty much to get a contract and the remaining necessary items (title work, tax certs, and etc...)  Now this letter is the GOLDEN TICKET in buying a home!  This is big for the sellers too!

Sep 18, 2012 09:52 AM #35
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Jerry Newman
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks, Stephanie, I will certainly give you a call for my new clients. This is some Great News!

Sep 18, 2012 05:39 PM #36
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