Why does my Realtor require a pre-approval before we see homes?
Since the mortgage meltdown in 2008, I've been requiring buyers to have a pre-approval PRIOR to taking them out to look at properties.
There are reasons, and I'm not the only one with them!
The following article is a re-blog of some of these reasons. And I just do not understand the reason why don't buyers get this?
I've heard people say "I want to look at properties in my price range before I apply for a mortgage."
Followed up with "I know I can get a loan."
Followed up with . . . the ever classic . . . "I have good credit."
Yes, that may be true. They may have good credit, but can only borrow $120K. So why are they wanting to see properties in the $200K+ price range?
Do buyers think owners are going to take 20% less than list? Perhaps. Unfortunately, I do not have time to test their theory.
This is a question we have been asked many times in the 8 years that we've been selling real estate in the Fort Wayne area.
Some of our buyers are 100% certain on their credit scores, income, and buying power.
Some of our buyers aren't sure if they can qualify for a mortgage because of income, questionable credit scores, or a recent bankruptcy.
Either way we have our buyers get pre-qualified for a mortgage before we start the house hunting process.
Here are some reasons why:
1. What if you think you can afford a $300,000 home, we go view a couple, and you fall in love? After you meet with the mortgage banker you realize you can only qualify for $200,000? There's a big difference between the two prices in Fort Wayne. That lower priced home just isn't going to live up to the higher one.
2. What if we show you 5 homes before you get approved and then you find out you can't even get a mortgage? That's wasted our time, your time, and the seller's time. We've had many sellers that have young kids and pets. Them rushing around for an hour to prep the home for a showing where the buyer can't even buy isn't fair to them at all.
3. There are many types of loans out there. How do you know which one is best for you? What's the difference between uninsured and insured conventional loans? What is PMI? What's the difference in interest rates on a 15 year v. a 30 year loan? All of these questions can be answered by a qualified mortgage banker.
We highly recommend Ruoff Home Mortgage and have had nothing but success with them, but it's always your choice in who you use.
So when you call us to help you find your new home in Fort Wayne, expect us to ask you to get pre-qualified for a mortgage before we open the first door and see the first home. It's not that we're trying to be difficult, it's simply good business to do it this way.
If you do need to get qualified for a mortgage, you can do it online here through Ruoff's website. Once you do that, you can head over to our website and start browsing.
Feel free to give us a call or text with any and all real estate questions at (260) 704-0842. Thanks for stopping by!
Amanda and Jared Christiansen are award winning Realtors with Century 21 Bradley Realtors in Fort Wayne.
Enough about us...
Tell us what you want your real estate experience to be, and we will do it YOUR way.
Buying a home in Fort Wayne? Tell us your wants and needs. Let us know how you envision your family living. Tell us what's important to YOU, and we'll find the community and home that fits.
Selling your home in Fort Wayne? Our job is to make you the most money possible in the shortest amount of time. We offer our sellers professional staging, professional photography, and more internet marketing than most.
We are committed to giving you everything we have to offer. We are both full time agents and will work around your schedule. Do nights and weekends work better for you? NO PROBLEM. We are here to help YOU at YOUR convenience.
Amanda can be reached at 260-704-0843, and Jared can be reached at 260-704-0842, or you can email us at JaredChristiansen@gmail.com, or Amanda427@gmail.com.
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