Why Buyers Should Get Pre-Approved Before Seeing Alexandria Properties

By
Real Estate Broker/Owner with Amanda Davidson Real Estate Group 0225221517

Why Buyers Should Get Pre-Approved Before Seeing Alexandria Properties

If you are thinking of buying a home, do not miss the critical introductory step of getting a home loan pre-approval. What is a pre-approval? A pre-approval evaluates your financial information and credit rating to assess whether you can be approved for financing. It is not a promise of a mortgage but, it is the best estimation in lieu of a full application. Receiving a pre-approval letter is important for several reasons. This blog provides reasons why buyers should get pre-approvals before seeing properties.

 

Know Your Price Range

Loan options and mortgage rates will vary. A pre-approval will give you a handle on the loans and alternatives available, what your closing expenses will be, and most importantly, your price range. Without this information, you can waste valuable energy looking at properties that you cannot qualify to buy. Identifying what you can afford also saves you the emotional stress of seeing a home that you fall in love with to only find out later you cannot purchase the home.

 

Pre-approval Letter

 

Strengthening Your Leverage

Homes that a priced well or have attractive features tend to sell quickly. Having a pre-approval upfront enables you to act quickly when you find your dream home. When you submit an offer on a home you also have to include your pre-approval letter. This tells the sellers that you are not only ready but, also capable of successfully closing on their home. It’s rare, if ever that an owner will accept an offer without any verification that the person can obtain financing. Sellers don’t want to risk wasting their time taking their home off the market unless they know the buyer can obtain financing.

 

Timing

A pre-approval saves time during the offer process and loan process. As we stated above sellers want a pre-approval to be included with the offer. Failing to have one ready may delay submitting your offer and can cause you to miss out on a listing. Particularly on a property that is receiving a lot of attention. Time is of the essence to have your offer submitted in order to be considered for the property. Pre-approvals consist of analyzing your income, personal assets, recurring debt, etc. and unless you have the documentation needed on hand it can take a little time to submit everything to your lender to then be evaluated for pre-approval. Mistakes in your credit file can result in more delays should they need to be corrected in order to be pre-approved. Starting in advance will save valuable time when processing your mortgage and accomplishing a quick closing.

 

Pre-approval


If you're serious about purchasing a home the first step is getting pre-approved. If you don't know who to contact for pre-approval seek out an agent that you trust to help you purchase your home and they will be able to recommend lenders they work with regularly and trust.

If you're interested in purchasing a home in Northern Virginia contact us and put our expertise to work. From recommending lenders, touring homes, negotiation, and contract compliance we will handle all the details of your purchase and achieve you a successful transaction. We guarantee it - ask us about our Love It or Leave It Guarantee!

 

 

 

 

Posted by

 

Amanda Davidson Real Estate GroupTwitterLiving A Dream Real Estate FacebookLinked In Amanda S. Davidson                                                            

 

 

Amanda Davidson

Amanda Davidson Real Estate Group

Broker - Owner
Licensed in VA and DC

6485 Old Beulah Street
Alexandria, VA 22315

Cell: 703.431.3755
Fax: 703.562.7057




close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Debbie Laity 01/12/2017 03:57 PM
Topic:
Home Buying
Location:
Virginia Fairfax County Alexandria
Tags:
preapproval
home buying tips
home buyers
preapproval importance
home buyers in northern virginia

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,165,932
Rebecca Gaujot
RE/MAX Vision Quest - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Amanda, excellent post!  Every buyer needs to be pre-approved before starting their home search.

Jan 10, 2017 01:23 PM #1
Rainmaker
2,096,516
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Amada S. Davidson,  Excellent words of advice from a pro like you, I see a video on this soon!!!

Jan 10, 2017 02:28 PM #2
Rainmaker
1,200,593
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Amanda, great advice and explanation. The very first step for all buyers who will be financing should be to get pre-approved. 

Jan 10, 2017 02:57 PM #3
Rainmaker
2,466,998
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

I can't tell you how many times buyers think they can afford a home in a certain price range, only to be disappointed that they cannot get approved for the loan.

Jan 10, 2017 03:55 PM #4
Ambassador
1,692,464
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Hi Amanda you make a very good point. If you see something you must have you have a much better chance of making it happen.

Jan 10, 2017 04:18 PM #5
Rainmaker
3,587,245
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Excellent advice, Amanda.  Buyers need to understand that this is the first step to take when looking for homes.

Jan 10, 2017 04:54 PM #6
Rainmaker
1,499,913
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It is vital that they know how much they are qualified for before they go shopping!

Jan 11, 2017 05:15 AM #7
Rainmaker
1,102,434
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Your Alexandria Virginia Real Estate Agent

I know we've all had buyers that just don't want to take that step but, as we all know it's a must. Saves everyone time and potential heartbreak. Thank you all for stopping by!

Jan 11, 2017 06:52 AM #8
Rainmaker
2,891,527
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Amanda, great post, and buyers need to have pre-approval, and agents usually don't even take buyers out until this is done! 

Jan 11, 2017 08:22 AM #9
Ambassador
2,101,842
Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Hello Amanda

I like this post and all buyers should be pre-approved when buying a home, unless their paying cash.

Jan 11, 2017 07:15 PM #10
Ambassador
2,137,178
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Hi, Amanda...this is great information for buyers everywhere. Having that pre approval letter can mean the difference between getting the home you want or not getting it. Great post. 

Jan 12, 2017 02:16 PM #11
Ambassador
3,017,671
Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I would make things go so much smoothier for all parties if the buyer would get a pre-approval letter. Just think, sellers would be able to make firmer plans about moving knowing that the buyer wasn't just thinking they were qualified.

Jan 12, 2017 06:51 PM #12
Ambassador
1,894,156
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Excellent post, Amanda S. Davidson!  We tell buyers here that we can't afford for them NOT to have that letter in their hot little hands before getting in our cars! When they find something, they have to act swiftly and if they don't have that letter, they're not going to be able to compete for their dream home. They do 'get it' most of the time!

Have a great weekend, Amanda!

Jan 13, 2017 08:47 PM #13
Rainmaker
2,971,704
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Amanda S. Davidson ,

Excellent post. When I first meet with a buyer that's the first thing we go over..get pre-approved. We want to be sure we have a letter from a lender because if they find a home and want to make an offer I have to submit the letter with the offer.

Jan 14, 2017 09:29 AM #14
Rainmaker
1,405,176
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

You always provide excellent information! If a buyer is ready, willing, and able to buy, that one piece of information can be a show stopper if there are multiple offers or someone presents an offer beforehand!

Jan 14, 2017 12:29 PM #15
Ambassador
1,177,288
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Gateway to the Lake" 503-755-2905

Amanda, yes! If you're " serious about purchasing a home the first step is getting pre-approved"..that tells me that they are. I have new buyers that have a piece of property they are talking of selling in southern Oregon and wanted to just "check out the area" of Fishhawk Lake, as they've been watching it for a couple of years, but they checked out my website and my blog, and now they want my loan officer's info to get pre-approved before our appt. in 2 weeks! See, they are telling me they're serious enough to have a back-up plan in case they fall in love with something! 

Jan 16, 2017 09:02 AM #16
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,102,434

Amanda S. Davidson

Your Alexandria Virginia Real Estate Agent
What can I do to help with your Northern VA real estate needs?
*
*
*
*
Spam prevention

Additional Information