I Want to Find a House First and then I will Talk to a Lender!

Real Estate Agent with Coldwell Banker Bain

Even though Jane Peters is speaking about Los Angeles; the same is true here in the Seattle/Tacoma area. Pre-approval is absolutely necessary before you find a home!! Please read!!

Original content by Jane Peters BRE# 01439865

I was just approached by a potential buyer,  enquiring about a Los Angeles home for sale.Approval Keys

My first question to her was whether she had spoken to a lender.  Her answer was no.  I told her that she needed to do that before starting the process of buying a Los Angeles home.  Her answer:  "I just don't want to talk to a lender and not find a home. So I figure I could just work backwards."

We do not work backwards when buying a Los Angeles house. We look and work forward.  The very idea of working backwards is a negative one.  The only thing that will happen is you will trip and fall.

No good Realtor® worth his or her salt is going to work with you if you are not pre-approved/qualified by a lender and you do want to be represented by a good Realtor® who is going to look after your best interests.

Why do you need to be pre-approved/qualified before buying a Los Angeles house? 

In the best of times you need to find out how much home you qualify for.  And especially in today's lending environment.  Unless you are an all cash buyer you are going to have to jump through several hoops before a lender is going to give you that all-important mortgage.  What you consider credit-worthiness and what the bank considers credit-worthiness are two totally different things.

I am sure you will find a Realtor® who will work with you, but why would you waste  your time looking at homes which you cannot afford?  Wouldn't you rather spend your time making your search a realistic one.  If you start looking at homes above your price range and fall in love with one, unless you come up with the difference in cash you are not going to get it.  And then you will be disappointed when you start looking in a lower price range.

What if there is a home on which you want to make an offer at the same time as others want to make an offer.  They are pre-approved and you are not.  Who do you think is going to get the home?  Not to mention that  even if you are the only one making the offer it will not be accepted without a pre-approval letter from your lender.

If you are serious about buying a Los Angeles home you are going to have to talk to a lender one way or another, so why not do it in the right order.  First.  That is the only way the process will work.

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Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you're new to L.A. Town. You'll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs! When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available. If you are an absentee owner, you'll need someone to handle all the details that you can't handle remotely. That's where I come in - I'm there when you can't be. I also specialize in lease property in Los Angeles. Westside Los Angeles Real Estate, including, but not limited to:

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Jane Peters, connecting you to the L.A. real estate scene

Buying or selling real estate in Los Angeles can be an overwhelming process.  Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.

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Comments (5)

Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Teresa - so true.... we hear all of the stories.. but a pre-approval tells us they are vested into purchasing (in our lifetime)..

Nov 13, 2011 12:05 PM
Jon Quist
Tucson's BUYERS ONLY Realtor since 1996

The point made is an obvious one. How do you know what sort of home to look at, if you don't know how much you can afford?

Nov 13, 2011 12:06 PM
Tamara Schuster
Naperville Glen Ellyn Lisle Plainfield Wheaton Illinois - Naperville, IL
Realtor Broker - Naperville

Always a preapproval first so we all are on the same page.

Nov 13, 2011 12:07 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

How about aprroved with only the property being the stipulation, that is what I like.

Nov 13, 2011 12:12 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Thank you for the reblog, Teresa.  This is such an important part of the buying process in any area.  It is actually the MOST important part.  Even that does not guarantee getting the loan in the end.  But at least we know where to start looking.

Nov 22, 2011 05:48 PM