Even if you were never a Scout, this motto can serve you well in life and home buying. The first thing one should do when considering that they may purchase a home is get pre-approved by a lender. If you don't have a lender, ask your Realtor. We work with lenders all the time and will be happy to set you up with a name or two.
In today's market, sellers want to know before they accept a contract that the buyer has been approved for financing or if paying cash, can provide proof of funds. Know the difference between getting pre-qualified and pre-approved. Pre-qualified means that a lender has taken verbal account of a buyers finances but often has not checked credit or received any of the required documentation. Getting pre-approved usually means that the lender has verified credit, employment, earnings and all other necessary information.
Sellers today want pre-approval letters. It is truly unfortunate when a buyer finds the home of their dreams but within the couple of days it takes to contact a lender, supply documentation and get the letter, the seller has already accepted another contract! Don't let this happen to you.
Be prepared!
Kathy King, Realtor
Keller Williams Realty
