Why should you get preapproved before your home search?
Kelly Zander, VP Realty
Be a strong buyer: Get Preapproved!
One of the most common questions when talking to a new buyer is “Why should I get preapproved before my home search?” There are several reasons that buyers will need to get that pre approval letter finalized before they start the home search. Here are the top three reasons Real Estate Agents suggest why you should get preapproved before your home search:
1. It is beneficial to get pre approved so that you can stay within your budget and look at homes in your price range and loan type.
Most buyers know what price range they would like to stay within but what they qualify for could be different. The lender will check out everything, including your employment history, credit score and debt to income ratio. They will be able to tell you what type of loan you qualify for and how much. Once you know this information your Real Estate Agent will begin narrowing down houses that fit your criteria. They will look at things such as the condition of the home and if it will pass for the type of loan you are approved for.
2. Sellers request that buyers be preapproved before viewing their homes with their Real Estate Agent.
For example, sellers do not want to pack up their dog and go out for the afternoon for someone who is not a serious candidate. Everyone involved in the transaction from sellers to agents will appreciate buyers taking care of this step before they begin looking. You don’t want to waste your time or anyone else’s looking at a home that you may not be able purchase! Getting preapproved before you start your home search avoids this issue.
3. When you find the perfect home you want to be able to make an offer. Being preapproved before your home search helps you be prepared!
This market is hot and as a buyer it is important to make sure you are prepared if you find the perfect home that you are ready to submit an offer on, before your competition does. If you are already through the pre approval process this makes completing a strong offer for the home of your dreams much easier. You do not want to worry about getting all your documents ready and trying to get a pre approval on a Sunday morning when offers are due in at 3pm. Especially if a surprise from years ago pops up on your credit history and you need time to get it resolved! You should get preapproved before you start looking at homes because it is best to be prepared and it is always the easiest route in the long run!
Vincent Patrick Realty is ready to help you!
If you don’t know where to begin with the pre approval process, your Real Estate Agent can provide you with a list of great local lenders that they have worked with in the past! Vincent Patrick Realty is a brokerage full of experienced Real Estate Agents ready to provide you with a list of experienced lenders, and help you put a strong offer on the home of your dreams! Reach out to VP Realty today. Contact us online or by call or text at 330-577-3546.
Read more about the home buying process here.
Meet Kelly Zander, VP Realty
Kelly Zander is a Rockstar agent at VP Realty. Kelly had over $7.3 million in sales in 2021. Between helping sellers list and sell their home and helping buyers buy their dream home, she sold over 41 homes in 2021. Kelly is experienced and eager to help you with all your Real Estate needs. Contact Kelly today by call or text at 330-671-5518 or email at firstname.lastname@example.org. Check out her website, kzsoldit.com, and follow her on Facebook!