Why you MUST HAVE a Loan Pre-Qualification to go Home Shopping!

April 24, 2016

,

Rarely a week goes by that we don’t upset someone by asking them if they have spoken to a lender about a home loan or if they can provide a bank letter for a cash offer on a property.

Potential home buyers get irritated for a couple of reasons. Primarily, they have usually looked online for a number of weeks, and when they finally see a home they want to visit, we hit them with the question that delays the process. Sometimes though, folks don’t want to be bothered with the invasion into their finances just to go look at a house, and don’t understand our reluctance to “just show us the house!” This happens frequently with folks that have very high credit ratings, or WHAT THEY BELIEVE to be more than enough funds to purchase the house they want to look at. “Why should WE have to prove OUR financial ability?”

Well folks here are the real facts…in over half the homes we get asked to show, over ALL income ranges,  the potential buyer is NOT qualified to purchase the house they want to see. After a quick (15 to 20 minute) Pre-Qualification from their or one of our recommended lenders (see attached,) the buyer frequently has to change their home shopping plans to a lower price level. Now of course YOU are CERTAIN this isn’t YOU, but it saves us all a lot of time and potential frustration to know BEFORE going shopping. It also let’s us know you are serious about your home search, because believe it or not,  Sherry and I don’t have the time to be showing houses just for you to get decorating ideas. (…removing tongue from cheek….)

The MAIN reason to talk to a lender first that this IS a SELLERS MARKET in most price ranges over most of the Nashville area. Sellers are requiring a Pre-Qualification letter, and in some cases a Pre-Approval letter just to place an offer on a house. Check out this article to learn the differences. With many sellers getting multiple offers on their home within HOURS of it going on the market, your offer won’t even be considered without proof of ability to pay.

SO THIS IS A HEADS UP! Any REALTOR® that is worth working with is GOING to ask if you have spoken to a lender if you need a loan, or a bank letter if you have cash, PRIOR to showing you a house.

If you need a lender to review your financial situation and provide a letter (WITHOUT OBLIGATION TO GET A LOAN FROM THEM) contact one of our preferred lenders on the attached sheet. Lender Recommendations These are professionals that WE KNOW will be looking out for YOUR best interest in the loan process. By the way, STAY AWAY FROM ONLINE LENDERS! We can discuss with you WHY if you like!

If you have ANY questions about this process or the need for a Pre-Qualification, Pre-Approval or bank letter, please contact Sherry or I. We’d love to talk to you!