Why Getting Preapproved Is Critical

Reblogger 1~Judi Barrett
Real Estate Agent with Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 141871

Original content by Liz and Bill Spear SAL.2002007747

You may think a real estate agent is just being nosy when they ask "Are you preapproved?".

But we ask because there's a mutual win-win involved in that question.

It helps you AND it helps the agent to know that you've been through the preapproval process with a reputable loan officer.

If you've taken that step it establishes a few things:

1.  You're serious about buying a home

2.  We know your comfortable limit AND what we need to ask for as part of the purchase offer when we find the right home.

The mortgage pro is going to establish a few key parameters:

  • The type of loan
  • How much you can borrow
  • The terms of the loan (percent down, length, etc.)
  • Whether the buyer needs closing cost assistance and if so, how much

Knowing those key terms helps me as an agent better serve my clients because:

  • I won't be taking the buyer to communities the loan doesn't fit (e.g. need an FHA loan and the condo association isn't FHA certified)
  • I don't "tease" the buyer with homes above their price point
  • We know whether or not the buyer has to sell their current home to buy

It's always good to know as a buyer what you can and can't do.

Want to discuss further?  Just reach out at 513-520-5305 or email Liz@LizSpear.com.

Serving Greater Cincinnati home buyers and sellers,

Bill & Liz aka BLiz

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I just had a buyer today who had been looking indepenently. He decided he wanted to move forward with an agent and find a house. He got a pre-qual but, hadn't yet completed the pre-approval process, saw the perfect home for them and couldn't compete in the bidding war because he was not certain he could move forward in that slightly higher price range. 

It's sad but, true but, pre-approvals ARE critical, Judi! Great one for a re-blog - it's applicable in all parts of the nation!

Sep 11, 2019 10:17 PM #1
Rainmaker
3,205,322
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Judi great reblog and if a buyer does not want to get pre-approved I do not work with them since they are basically time wasters and my time is full of those... might as well eliminate to ones that are upfront about being time wasters:)Endre

Sep 11, 2019 10:22 PM #2
Rainmaker
5,385,646
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing this excellent reblog selection.

Sep 12, 2019 04:08 AM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi good choice of blogs to re-blog.  Getting pre-approved early is a must.

Sep 12, 2019 02:29 PM #4
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1~Judi Barrett

BS Ed, Integrity Real Estate Services -IDABEL OK
Contact Judi Barrett about homes in Idabel Oklahoma!
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