Why do I need a pre-approval letter????
There are several reasons you need a pre-approval letter not which of least is no Realtor worth their salt 
will take time out of their busy schedules traipse you all over town to show you several houses and disturb the listing agents and sellers without knowing that you are serious and are able to buy a home in the price range you are seeking, especially with gas at four bucks a gallon.
The Realtor is going to put a lot of effort in finding you the dream house and in return, all they ask is that you make a small effort by talking to a lender and getting yourself pre-approved. That will tell the Realtor several things; that you are serious and not just going out to parade people's homes to get decorating ideas or that you're bored and looking to kill some time. It will also tell the Realtor how much house you qualify for so that they don't go wasting your time and emotions by showing you houses beyond your price range and having you fall in love with a house you can't afford. So in essence, the Realtor is actually doing you a favor.
If you can manage to get a Realtor to show you homes without a pre-approval letter and you do find a house that you want to make an offer on, most listing agents will not let you submit an offer without a pre-approval letter. Their logic is not to aggravate their seller by presenting offers that may or may not go through due to financing. So now it's either walk away from the house or make a mad dash to try and find a lender that will drop whatever they're doing in order to accommodate you and hope someone has not put a bid in before you get your pre-approval letter. Chances are if you manage to find a lender willing to do that, they're not that busy for a reason. If you are looking at foreclosures, don't even think about submitting an offer without a pre-approval letter as there in not a bank I know of that will entertain an offer without a pre-approval letter.
So, just take a few minutes call a couple of lenders to find one you're comfortable working with and go through the pre-approval process. I promise it's painless and will save you a whole bunch of aggravation. If you like, give me a call and I'll give any information you might need and answer any question you might have to help you make the decision. I promise I don't bite.
Comments(2)