Atlanta home buyers have choices. It's a seller's market and homes are selling very fast, but there's still inventory to choose from and areas. Depending on the situation the buyer has so many "area" choices that it can make up for a lack of homes for sale in Atlanta.
Ultimately though, 75% of the buyers we talk to make this one crucial mistake.
They fail to interview loan professionals.
Most home buyers don't bother with pre-qualifications upfront. Afterall, in every other aspect of life you can go and physically touch and test an item without having the funds to purchase it, so why not real estate. The challenge with real estate is unlike those other experiences, you could end up wasting a lot of people's time thinking your a buyer, let alone the impact seeing homes outside your price range will have on your expectations.
The biggest mistake though is that if they do get pre-qualified/pre-appoved (and those are different operations!) is that they just choose any ole person. That's bad, here's why...
- Online and out of state lenders typically don't know local laws, traditions and practices and can cause you to miss your closing date.
- Credit Union and Banks don't typically focus on just home loans. When you need your loan professional are they going to be receiving a deposit?
- Inexperienced loan professionals or newly relocated loan officers (meaning they switched companies) might not understand their new overlays (guidelines that they have to use to qualify borderline clients).
In addition, if it's too good to be true or there's only this ONE person who can do your loan... RUN. You could end up with Walter Turner of Select Mortgage and not only be mislead but not close and be out your inspection and appraisal money along with all the per diem money.
So how can you avoid this... Simply ask for the referral. That's what you'd do if you needed a Lawn Guy, an architect, even an SEO Consultant or a mechanic, so why not do this on your home?
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