Recently a couple of different people who have emailed or called about homes (that happen to be foreclosures) have expressed nothing less than anger at my telling them they need to be pre-approved. So I thought I would explain just a little about why you need to do so.
When an offer is submitted on a foreclosed home the banks will reject it without even considering it if it doesn't come with a pre-approval or proof of funds letter. So if you are out looking at homes and find that "deal of a lifetime", the perfect home for you and while you're waiting to get your approval letter so you can submit an offer and someone comes in and buys the house out from under you. Perhaps they even buy it for less money than you were planning to offer. That can hurt.
Getting a pre-approval is quite simple and completely painless. And it's not for my benefit, it's for your benefit. If you are prepared with your preapproval letter you can make that offer on Friday afternoon at 4:00 while another buyer is trying to find a lender. Maybe you can be the one to swoop the deal from other buyers. Be prepared.
If you would like a list of lenders who would be happy to help you with your pre-qualification letter just let me know and I'll give you a list. Some lenders will financing manufactured homes while others will not so you may need to choose a lender for your pre-qualification letter based on your home preference. But in this market being pre-qualified is key. It makes your offer ready to present and certainly stronger than maybe even a higher offer from a buyer who chooses not to be pre-qualified.
So if you want to be ready to buy one of those bargain priced homes that comes on the market, be ready. And if you want to be ready, just call me and I can help you get pre-qualified and then you'll be ready.
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