Home buyers who can't close within the time specified in the purchase contract could be in a for a rude awakening in Sacramento. Sellers are not readily issuing extensions. In fact, some sellers will say to heck with you, Miss Buyer, I'm putting my home back on the market and taking advantage of the higher prices. Prices are hot this spring. Sellers will cancel your contract rather than extend. Sellers can't afford to hang around and wait for buyers to get their acts together to close. This is why a preapproval letter is even more important today than it was yesterday.
You can't buy a home without a preapproval letter. The seller won't even consider your offer without a preapproval letter. Moreover, it matters greatly from where you get that prepaproval letter. After all, if you're thinking about going to your own lender because you like your lender, most likely your lender will sell your loan after you close, so don't pick a lender on that basis. You don't have any say about who buys your loan or whether it is sold.
Read more in my personal blog today about The Main Reason for a Preapproval Letter.
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