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Do you want to buy a house or a condo? Are you a 1st time home buyer?
Are you thinking this is a good time to buy a foreclosed bank owned home for sale or a short sale?
There are some essential things you MUST do in order to buy a house or condo whether it is a bank owned foreclosed home, short sale or a resell home for sale (which many of us call a traditional sale).
You MUST be pre-approved for a loan by a Lender.
If you aren’t, your offer will be rejected by a seller and or a bank. Frankly, no legitmate REALTOR® will even submit an offer on your behalf unless you have a PreApproval letter. It’s just that simple.
Many times I receive phone calls from home buyers saying they “just want to see the house.” When I ask if they have been to a Lender, I get the same answer, “I just want to see the house, ” or “it’s no problem, I have good credit and I can get a loan.”
2 Major reasons Home Buyers MUST Get PreApproved
- Lending has gotten very tight and there are many who do not qualify. But more importantly, by getting PreApproved, first of all you, the home buyer finds out just how much they can spend, and what the payment per month will be. Yes, there are calculators all over the Internet but until you speak with a local Lender you really don’t know what that amount per month will be…there may be flood insurance required, assessments such as Mello Roos etc .
- Based on the type of loan your Lender will be getting for you, there will be houses you can buy and houses you CANNOT buy. No point in wasting your time or the REALTOR’s time looking at homes you will NOT be able to buy.
Home Buyers, I’m an experienced Realtor in Sacramento
I don’t show houses to anyone who has not taken the time to get pre-approved for a loan. It is not in your best interest nor mine. You must be pre approved for a loan. You shouldn’t look at homes in the dark anymore than I want to work in the dark. I expect to do the best job for you and that means I must know you are PreApproved, for how much and what the terms of the loan are. Your loan determines what type of house you can buy.
Don’t get pre approved by an out of area lender or just anyone on the Internet.
That’s a deal killer. If you want to have your offer accepted and have a lender who knows the local costs involved with your loan, get pre approved by a local lender.
Your pre-approval letter from your lender indicates that your credit report has been run and approved, a loan application has been taken and sometimes desktop underwriting approval has been generated. This shows the seller that you are worthy of a loan… enough for them to take their house off the market and wait for you to get your loan to buy the house.
This past month I have had home buyers who came to me with their own Lender. There have been times when in order to save the deal I needed to call in a lender who is local and trustworthy in order for the home buyer to close on their new home. Ask your REALTOR® for a lender referral. We know the ones that do a good job. And no, we don’t receive anything for a referral except a happy client who actually understands their loan and will be able to buy a house.
A lender can make or break the buying of a house or condo that you want. Choose your lender wisely. Remember, interest rate is NOT the only key factor in a loan. Read and make sure you understand the terms of the loan.
My home buyers work with a lender who has over a decade of experience and gets the job done for the home buyer with a loan they can live with. Give me a call or send me an email and let’s get you PreApproved while interest rates are historically low. Want to know more about me? Click on Gena Riede, REALTOR.
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Other Home Buyer Articles:
What Every Home Buyer Must Know
New Home Buyer Information You Need to Read
When Should A First Time Home Buyer Buy a House?
Sacramento First Time Home Buyers Get the WOW Back
First Time Home buyer’s Check-Off List-Part I
First Time Home buyers Check-Off List-Part II-Write An Offer
