Buyers, Get Pre-Qualified First!

Buyers, Get Pre-qualified First!

Again. I heard a familiar story…

A Realtor friend had the wonderful experience of taking a young couple out to look at houses. The buyer explained that they were “just getting started and wanted to know what was out there”. The agent asked if the buyers were pre-qualified  and they responded with, “no” and that they were “just looking.”  The Realtor was reluctant to take them out looking since they hadn’t gone through the process of getting qualified for a loan from a mortgage broker or bank.

They went out looking and sure enough they fell in love with the second property they looked at. They asked the Realtor what should they do. They wanted to know if they could write an offer to purchase. They wanted to know what their next steps were. And they were excited!

The house was beautifully staged and move-in ready. The home fit their dreams! However, it wasn’t likely it would stay on the market long…

In today’s real estate market it is imperative that you get pre-qualified for a loan prior to beginning your home search.  You need to know WHAT you can afford and what you are willing to pay for the home.

The advantage of being pre-qualified is that your offer will be taken seriously.  It shows the sellers that the buyers are serious buyers and that they DO intend to make a purchase in the very near future.

Another advantage to being pre-qualified is that sellers will find your offer favorable because they know in advance your ability to secure a loan/financing. This makes your offer to purchase more competitive especially when there are many buyers and a lack of supply of homes.

The process of being pre-qualified will help you know in advance for how much you qualify for and you will not be tempted to look at homes that you cannot afford.  

You should carefully select a lender that is reputable and stable and is a well-known lending institution that can assist you in assembling your financing package.

So, will this buyer be able to get this property?  Will the home be on the market long enough to get his financing situated and have his lender prepare a letter that states he is pre-qualified to purchase this dream home? Will he ultimately be disappointed because he wasn’t pre-qualified? Don’t let this happen to you!

Buyers if you are looking to buy a home in Manassas click here: buy a home

Marcia Goodman, Realtor

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