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The importance of a pre-approval letter!

By
Real Estate Agent with OwnerLand Realty SAL2006007409

The home buying process might seem a little confusing if you haven't gone through it before.   However, it can actually be a lot easier than you think, particularly if you're working with an experienced Realtor, and particularly when there are so many good deals out there and interest rates are so low!  

 I've been helping first-time home buyers realize their dreams for years. I can speed up your home search, help arrange financing and help you negotiate a great deal. Please call or email me when you're ready to take this big step.

 It does not matter which company has the listing for the home that you are interested in seeing, I can show you ANY of them.   It's always much easier for a buyer to stick with one agent from start to finish instead of working with several agents.  That way the agent knows exactly what type of home that you are looking for and you won't have to be "called" by numerous agents as well.  

 I am an "accredited buyers representative."  This is denoted by the ABR designation.  There are very few agents in the industry with this designation.  I obtained it by additional schooling and strict requirements and testing of my knowledge of the whole buying process.  

The newest designation that I'm working on is called SFR.  It is a brand new one for agents who've taken the required schooling and tests for gaining additional knowledge for my clients who are seeking a qualified agent who works with a lot of "short sales, foreclosures and REO properties."  I recently attended classes in Columbus Ohio to obtain this Nationally accredited designation  and there are less than 50 agents in the entire state of Ohio who've gone through with this process at this time.  

 Another VERY important thing that you must know as a buyer; make sure that you get with a lender and get a pre-approval letter!  In almost every situation when writing an offer on a property, the seller requires that you have  this!  As your agent, I would be able to focus my best and greatest efforts in finding and showing you only homes that you are qualified for.  

 Sometimes, buyers do not want to obtain a pre-approval letter until they find "the right home."  By the time they've located it, they may be saddened because someone else who was already pre-approved beat them to the purchase.  Or, more tragically, they might find that there are "issues" on their credit reports that would prevent them not only from buying "that" home but "any" home.  The importance of a pre-approval letter cannot be stressed strongly enough.

Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Marty, very good point. A pre-approval letter not only shows the financial ability of the buyer, it also establishes the upper limits of the buyers affordability. Good post!

Sep 21, 2009 01:08 AM
Marty Snyder
OwnerLand Realty - Monroe, OH
PSA, SFR, SRS; Ohio Homes for Sale

Thanks for your comments Michael!

Sep 21, 2009 01:15 AM
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

Marty,  Many new buyers do want to wait.  They guess at the amount they can afford to pay.  They tend to think in terms of monthly payment not acquisition cost. It's pretty hard to search the MLS based on the monthly PITI.

Sep 21, 2009 02:15 PM