Every buyer should talk to a lender before looking at homes, and especially highly motivated buyers! You should make sure that you have your financing steps in process before plunging headfirst into the house hunting stage. Obtaining loan pre-approval gives you the flexibility to make a qualified offer as soon as you find a home in which you're interested. While you can fine tune you home loan and options once you have found your desired home, most buyers won’t seriously consider an offer if you don’t have a pre-approval letter in-hand. In fast moving markets, waiting a day or two for pre-approval can put you at risk of losing the home to (or entering a bidding war with) a more qualified buyer.
The pre-approval process involves the lender verifying your income, assets, debts, and credit history before issuing you a letter stating that you are approved for a mortgage up to a specific amount within a certain timeframe. Remember that pre-qualification and pre-approval are not synonymous. Pre-qualification can serve as a good indication to sellers of your overall creditworthiness, but is nonbinding to the lender.
Find a Motivated Seller
Our last suggestion is to keep your eyes open for motivated sellers – if they have a “quick” timeframe as you do everyone will work together to achieve the timeline. Some indications that a seller is motivated:
· Consistent price reductions
· Priced below market
· Vacant home – they have already moved and it will be easier for you to move in after closing.
· Homes with large number of days on market – they may be more willing to negotiate and move quickly
We have experience with motivated sellers and buyers in addition to having years of experience and a strong list of business partners that can help you with all aspects of your real estate transaction! Call us today and let us help you!
Helping you find your home is our goal
Getting you through the process is our expertise!
Reechia & Keith Powell
Motivated Buyers part 1 ~ Motivated Buyers part 2
