Todays fast moving real estate, be prepared

In today's fast moving market, Buyers are missing out on dream homes because they are not properly advised.  So many times  buyers have said to me, "We need to find a house first, then we will pre-approve"  Well they found the perfect house go pre-approve then submit an offer only to find out someone already beat them to it.
If you are considering financing, I recommend to pre-approve first.  

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  • September 20 2012 - Weeki Wachee
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Answers (4)

not only pre-approved (as we know that means little) but have a tax return and credit report ready when making an offer.
  • September 20 2012
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Listen up buyers...those are both excellent responses to this question.  The days are over when you could go out shopping for a home and then consult with a lender the 'next day or so'.  Its not done that way anymore.  AND, you won't find a (good) agent willing to show you homes, just on the chance that you MIGHT qualify.  They will want to show you homes only in the price range that you qualify for.  There is no point in showing you homes that you cannot get...right?  And, when you find one that you want to express an interest in, if you are not ready wtih the appropriate supporting data (at a minimum, a written pre-approval, or at least a pre-qualification letter in some areas), consider it lost.  It would be SO good for you to also have that tax return, and credit report on hand, as well.  NOW...the next topic should be what KIND of lending institution would be best for my type buying situation?
  • September 20 2012
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I don't believe there was ever such time. To take a buyer without prequalification is notgood for anyone.
  • September 20 2012
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 Pre approvals and DU Approvals are only as good as the what is typed into the computer!

If you want to win an offer - and beat out the numerous ALL CASH competing offers - You must get a FULLY UNDERWRITTEN CONDITIONAL APPROVAL to submit with your offer!
Otherwise you are only offering the listing agent creative writing.

If you start with the approach - I will look first and then I'll see what I can qualify for - You are wasting your time and the agents time.
Be smart and do your homework.

In some markets it is an incredibly competitive 30-50 offers on one house in a week!!
Home prices are going up right now!!

The bottom of the market has come and gone in many areas.
 
We see homes selling $20k - $30K over market pricing right now!

Wake up and get prepared  if you want to buy using financing on the entry level homes in certain home prices.

Good luck and happy house hunting!
  • September 20 2012
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