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Buyer Pre-approval

By
Real Estate Agent with RE/MAX Four Corners #0430179

I love showing buyers homes. They are usually so excited to get out and see homes that they may moving into. Kind of like car-shopping and that new car smell...there is just something about it. Then they find a home they want, get really excited, talk to their mortgage person, and wait...what's this...they find something on their credit they didn't know was there and that balloon that was inflating has just popped. I always have buyers talk to a lender first and have them know their credit situation. The lender should go over what they can afford, different options and what are the expected payments. This should be done before a buyer ever looks at a home. This sets all the criteria for a Buyer's agent because now we know what the price limits are, how to right the contract, and how serious the buyer is. Buyer pre-approval is the absolute first step.

Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

From experience I now insist that Buyers using an out of state lender get pre approved by one of my local lenders to verify ability to purchase a home in our state.  They are under no obligation to use that lender but it saves me a lot of grief later.  It's no wonder short sale experts are demanding a second pre approval from one of their trusted lenders as well.  It just makes sense in today's market. 

Jun 16, 2010 02:09 AM