Get Pre-­Qualified!

Meet with your lender to decide how much you can afford.

Pre-­Approval

While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-­approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre‐Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre‐qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-­approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

  • List of Needs & Wants: Make 2 lists. The first should include items you must have, big garage, master sinks, etc.. The second list is your wishes that you
    would like but aren’t necessary. Realistically for first-­‐time buyers, you probably will not get everything on your wish list.
  • Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, not the seller.
  • One or more detailed maps with your areas of interest highlighted.
  • A file of the properties that your agent has shown to you, along with FSBO’s
  • Paper and pen, for taking notes as you search.
  • Video camera to help refresh your memory on individual properties.
  • Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, proximity to shopping, parks, freeway access, and the negative abandoned properties, garbage dump, noisy, high crime.

    Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?

    Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.

    Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

    1. Include inspection & mortgage contingencies in your written offer.
    2. Have the property inspected by a professional inspector.
    3. Request a second walk‐through to take place within 24 hours of closing.
    4. You want to check to see that no changes have been made that were not agreed on

All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

Consider this scenario

You and your Realtor have been working diligently to find the perfect home. A new listing comes on the market that’s priced right and has everything you’ve been looking for. You present an offer. Your Realtor presents it to the listing agent and is informed that another offer is coming in and will have to present both offers simultaneously to the Seller. The other Buyer is pre-­approved for his loan. Whose offer do you think the Seller will accept? I can recommend a few loan officers that can provide your pre-­qualification and then get your loan closed.