Special offer

Buyers, get pre-approved before you go looking for a home

By
Real Estate Broker/Owner with (831) 626-4000 CA #01772851 HI #RB-21268

If REALTOR(S) tell you they won't show you homes before you get pre-approved for a loan by a lender, they have a very good reason.

WHY IS THAT, YOU ASK?

Because in this market of tight inventory, to make an offer without that pre-approval letter is useless. Sellers and their listing agents need it in order to accept YOUR offer and take the property off the market.

WHY WOULD THEY NOT ACCEPT MY OFFER, YOU ASK?

If they accepted your offer and thereby miss out on other buyers who ARE pre-approved and are able to close earlier, it will cost the seller extra  on mortgages, taxes, insurances, utilities, etc. during that time.

PLUS THE SELLER HAS NO GUARANTEE THAT YOU WILL GET THE LOAN

When I write an offer on behalf of a buyer, I always leave the loan contingency in "until funded". That means if it takes 3 months for you to get approved OR NOT, the seller is on the hook.

OR YOU MAY GET PRE-APPROVED FOR LESS THAN THE ASKING PRICE

You may get your pre-approval, but it may not be for enough to purchase the home you have an accepted offer on. In that case, either the seller will lower his price (GOOD LUCK WITH THAT) or you get out of your contract. Neither case is a win-win for either of you!!!

HOW DO I GET PRE-APPROVED?

Go to your lender of choice, or call me and I can give you a list of local lenders.

AND WHEN YOU GET THAT PRE-APPROVAL, START LOOKING FOR A HOME IN YOUR PRICE RANGE IN CRESCENT CITY, DEL NORTE COUNTY, CALIFORNIA:

BY CLICKING HERE!!!  

And if you have questions about your searches and on the buying process, please call me.

Posted by

Hella Mitschke Rothwell, Broker/Owner/REALTOR 

 

Let me be your independent real estate broker for oceanfront and oceanview property in California and Hawaii.  If you are a seller/owner, I will travel to your property to help get it ready for sale, then list and market it. If you are a buyer and we have a Buyers Representation Agreement in place, I will preview property on your behalf anywhere in California and Hawaii.  Please call me to discuss how I can help you.

Search Hawaii Listings on www.HellaHawaii.com

Member: Honolulu Board of REALTORS; National Association of REALTORS; Hawaii Association of REALTORS; Del Norte Association of REALTORS; California Association of REALTORS; MLSListings, Inc., the premier MLS listing service in Northern California.

 

________________________________________________________________

Hella Mitschke Rothwell (R)

Real Estate Broker/Owner/Realtor®
Licensed in California #01772851 & Hawaii #RB-21268

Tel. 808-226-1095 or 831-626-4000 

Fax 1-877-822-9332

www.HellaHawaii.com

www.HellaRothwell.com

www.RothwellRealty.com

HAWAII OFFICE: 1128 Ala Napunani Street, #1809, Honolulu, HI 96818

 CALIFORNIA OFFICE: Su Vecino Court, Lincoln & Dolores between 5th & 6th, Carmel-by-the-Sea, CA 93921

MAILING: P.O. Box 4554, Carmel-by-the-Sea, CA 93921

 
Email: HellaRothwell@gmail.com


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Disclaimer: Hella Rothwell does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

Excellent advice.  Getting a pre-approval letter helps eliminate the tire kickers too.

Feb 24, 2013 07:30 AM
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Merline: You are so right. It's amazing how many people want me to "talk to the seller" to see if they are interested in some vague offer that is contingent on several things. No, in this market, you have to have your ducks in a row.

Feb 24, 2013 07:34 AM
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

Yes! Get preapproved.

Feb 24, 2013 07:37 AM
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Jimmy: With tight inventory, writing an offer is pretty much futile without a pre-approval letter or cash (and proof of cash from your bank).

Feb 24, 2013 07:59 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

This message cannot be repeated enough times!  Get your finances in order before you begin looking.

Feb 24, 2013 10:14 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Hella, This is simple a must in today's competitive market. Great post.

Feb 24, 2013 12:27 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Hella you are preaching to the choir, it is a must in today's market!!

Feb 24, 2013 01:59 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Hella this is a must, without a pre-appoval you can't submit an offer so being prepared is the way to go.   This is especially important in a Seller's market.

Feb 24, 2013 03:02 PM
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Hella-If the Buyer will not take the step of getting pre-approved before the physical search begins, the potential for a fruitless search is high. You don't have the price range needed, nor has a good evaluation of credit worthiness, and potential for wasted gas and time. This is not a good investment.

Feb 24, 2013 09:30 PM
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Kathy: Correct. There is no point to it, except to "browse" homes that, in all probability, will not be available by the time the buyer has his finances in order.

Debbie: It's just not advisable, even if we wanted to, to get a buyer to find a home he loves, but have no means of getting it. What's the point?

Endre: We are not being indifferent to the buyer, this is just a fact of the market right now.

Jennifer: I won't write an offer unless the buyer is set to go financially. I will help him get there, if I can.

Wayne: That's it.

Feb 25, 2013 06:16 AM