Buyer:
I am aware of the process for applying for a loan. I was a home owner before. However, I do know that I do not have to prequalify before looking at homes. It's a buyer's market and I have a lot of options.
Answer:
I understand. You are doing an overall prequalification for a certain
amount, not a certain home. How else will you know what you qualify for? Yes, it is a buyer’s market and there are lots of homes to choose from.
I only work with prequalified buyers in my business. It makes sense to know you will qualify in the price range you are looking at. Sellers require the letter for any offers and if you are looking at homes you should be prepared to have everything you need for any offers on property. After all, you want to find the best property that will work for you and be ready to make that offer. You can only do that if you have a letter as you submit the offer. The best houses with the best value are going quickly. It is to your benefit to take that first step.
It’s not a requirement to have your letter. You can make an offer without it, but the seller then sees that you are not a “serious” buyer, they would say, and might accept another offer where the prequalification letter is attached.
I don’t want you to feel I am asking for something out of the ordinary. It is good business and really helps you start the process of home ownership.
Comments (9)Subscribe to CommentsComment