Whether you are a First Time Home Buyer or a Seasoned Buyer a preapproval letter is a must!
Currently in the Kansas City Market in Johnson County Kansas we have a listing inventory of 700 homes. This time last year there were 1700 homes that were listed. What does this mean to a buyer? This means that there are fewer homes to choose from and when you find the house you like the probability of multiple offers is very high. So it becomes very important to be prepared and ready to make an offer. That means having already signed a Buyer's agency agreement, having a pre-approval in hand and being ready to write an earnest money deposit that will be held in escrow.
Make sure to use all the valuable resources your buyer's agent can offer you. Ask to be set-up on an auto-email that allows you to get information on any homes that might meet your criteria as they immediately hit the market. Have the agent schedule and go view the property with you to see if it meets your families needs. Ask for comparable properties that have sold in the area in the recent months. Ask to see the sellers disclosure that gives information regarding the home from the homeowners perspective. Ask about the taxes and if there are any home association costs and what benefits or amenities you will gain from the homes association membership. Most of all be ready to buy and have your preapproval ready from your lender. Most preapprovals can be done over the phone or online and they only take 10-15 minutes. This is invaluable advice because no one wants to miss out on their dream home because they weren't ready to buy.
Best of Luck House Hunting!