I had an interesting experience this week that is a carry over from showing homes last weekend. This very brief and true story demonstrates one more time the need to get your Preapproval before looking for your next home. Let me emphasize, I only show houses to buyers who have their Preapproval. Here is why I work this way....
Last weekend I took a buyer out and showed 7 houses. I always put a watch on Homes that I have shown so that I can keep my buyers updated by way of the properties being ACTIVE or INACTIVE. By Wednesday Morning, ALL 7 properties that we had toured the previous weekend, had gone under contract! I'll say it one more time - ALL SEVEN HAD GONE UNDER CONTRACT BY WEDNESDAY AM.
Here is what is REAL about Real Estate: If you go house hunting and fall in love with a house, but do not have your Mortgage Preapproval, the property you may want to buy can go under contract before you are able to secure financing. In other words, while you are waiting for finance - someone else can buy the house of your dreams.
Again, I insist that ALL Serious Buyers working with me will have their Preapproval before going house shopping.
Village Properties of Mineola, LLC - Mineola, NY
Great blog. Just had a buyer get denied. In new York pre approvals are worthless.
Oct 20, 2011 12:43 AM
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133
Good morning David. I liked your first blog and this follow up is right on the money. I don't show buyers homes unless they are pre-approved either. I have better things to waste my time on than buyers who are not committed to the process. Suggested.
Oct 20, 2011 02:47 AM
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500
The inventory is really low all over the region and homes are starting to sell - even the ones nobody thought they wanted. You need the pre-approval in hand and frankly, things are changing all the time, you should know the type of loans that you can afford and the differences. The time to figure out what type of loan you are getting is not when you are emotionally involved with a home.
Oct 20, 2011 12:02 PM
Rainer
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David Burrows
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This blog is written for Buyers and Sellers about the subject of Real Estate. The information is presented in a simple and informative format so that whenever readers have a Real Estate transaction, they will feel more adequately prepared.
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