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Should I get pre-qualified before I find something I like?

By
Real Estate Agent with Nothnagle Realtors

Sure!  We agents like to see you walk in the door prequalified...but not for the reasons you think.  The buying process can be fun, exciting, filled with hope, and also FRUSTRATING!  One of my primary jobs is to help manage that process and level out the highs and lows for you.

Prequalifying doesn't mean the bank will DEFINITELY provide the money, but it does create a starting point.  Right now, it's a buyer's market.  That means there are more houses to choose from than buyers to take them.  You can spend a whole lot of time looking at homes, if you don't prequalify and narrow the field.  

There's nothing worse than seeing a young couple get all excited about their dream home and begin the buying process only to find out they don't qualify.  Maybe they don't make enough money for the home they want, maybe they don't have quite enough down payment money, or maybe there's an old bill hiding out there that everyone forgot about until the credit search.

Keep these points in mind, make a quick trip to the bank, and give your agent a call.

Prequalifying:

- Reserves the available money in many loan products for you!

- Saves the emotional turmoil of the inevitable roller coaster ride!

- Often gives you a stronger bargaining position with the seller!

- Identifies price ranges to improve your home search.

- Gives you the advantage of moving quickly if someone else wants your dream home!

 

Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Hi Stan, excellent input for home buyers becoming prequalified.

Apr 03, 2011 10:47 AM