Why We Want You to Get A Preapproval Letter BEFORE You Start Looking For Homes!

Reblogger
Real Estate Agent with Las Cruces Homes and Land

Bill and Liz Spear have written the perfect explanation as to why we REALTORS® ask you if you've gotten a pre-approval letter from a lender before we start showing you homes.  It's so important to do this!!

Original content by Liz and Bill Spear SAL.2002007747

CheckWhy We Want You to Get A Preapproval Letter BEFORE You Start Looking For Homes!

You might be of the mindset that you want to find that dream home before you start checking out getting a loan.  We understand, you've heard the stories about credit scores dropping from getting checked, and "Hey, MY credit is totally great!  I'm GOLDEN!  I've never missed a payment on anything!"

But here's the thing, we'd be doing you a serious disservice if we DIDN'T recommend you get with a loan officer as early as possible in the process.  Why you ask?

Glad you're interested in knowing!

  • Loan standards and programs are constantly changing!  A good loan office can review your situation and determine the best program for you!  And if there's something in your credit history that might put a crimp in your ability to buy, well they can tell you what you need to do to fix it!
  • Do you want to be taken seriously by the sellers?  When you find that perfect home, chances are they're going to want to have a preapproval letter attached to your offer!  They NEED to know you've demonstrated at least the minimal ability to get the cash!  Put their hat on, would you feel comfortable taking your home off the market because someone said "TRUST ME!  I'm good for it?".  Trust us, we'd be advising our sellers to leave the home ACTIVE until you and your agent got us the letter!
  • We need to know the type program you'll be using for financing so we know how to prepare the offer.  A week or two AFTER the contract is accepted is a little late to realize you need closing cost assistance!  If we know what you need, we can build it into the original offer.  Sellers HATE surprises like that later!
  • And lastly, this one is mainly for us!  We don't want to be the bad guys.  You think you can buy a home at $xxxxxxx price.  We show you homes at $xxxxxxx price.  You and your family find THE ONE, THE DREAM HOME.  And THEN you find out you can't afford to buy it.  Just a bit beyond what you can get a loan for.  You're crushed, and it's OUR fault for letting you in the home to start with when WE didn't know if you were actually qualified to buy it.

So can you see WHY we feel it's critical to get that preapproval letter first?  It REALLY is in YOUR best interest.  Don't know a great loan officer?  We can help find one for you!  Just give us a call or email and we'll be happy to get the process started for you!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

The Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite
Two locations: Lebanon & Mason, OH
Office direct: 513-248-3660
  Liz direct:  513-265-3004
Bill direct: 513-520-5305 Fax: 866-302-8418
      EHO

MailTo: Liz@LizSpear.com  Visit: http://www.LizTour.com

 

 

 

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Comments (8)

Katharine K. Whiting
Solutions Real Estate - Tempe, AZ
CRS, Realtor, Tempe, Arizona, East Valley

Well written!  Thank you for re-posting!!!

Jul 30, 2011 10:55 AM
Steve Ewing - Keller Williams Realty
Keller Williams - Stockton, CA

Could not agree with you more.  Step one before going to see any house is the pre-approval.  Otherwise we could just be spinning our wheels.  Thanks for the blog.

Jul 30, 2011 10:56 AM
Pamela Lauridsen-Bache
Century 21 Beachside, Mission Viejo Ca - Laguna Niguel, CA

I always try to get pre approval or at least I always do before I write any offer. I hate surprises during a transaction.

Pamela Lauridsen Bache

Jul 30, 2011 10:59 AM
Liz and Bill Spear
RE/MAX Alliance 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Alliance Cincinnati & Dayton suburbs

Emmary, Thanks for the reblog!  Always appreciated :)

Jul 30, 2011 11:24 AM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

Very good post to re-blog!  Thanks for doing so....this would be another good thing to note for future reference for home buyers.

Jul 30, 2011 03:41 PM
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

As a short sale listing I can confirm that the foreclosing lender will not consider an offer unless accompanied by a preapproval letter.

Jul 31, 2011 04:40 AM
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

With low rates sometimes a preapproval shows clients they can afford a more expensive home.

Jul 31, 2011 06:25 AM
David A. Weaver
Peoples Bank & Trust Co. - Scottsdale, AZ
24 years helping folks finance their dreams.

Well stated and it can not be stated often enough for me.  Get pre-approved.  Provide pay stubs, W2's, bank statements, employment and residence history and have your credit report reviewed.  Get your file submitted even if you don't have an address yet.  As a mortgage professional, I can save you many hours and lots of frustration in the home buying process as I can define for you your affordability factor to get you into the right home at the right payment for your lifestyle.  Great advice, an excellent re-post.

Aug 01, 2011 12:47 PM