Home Buying First Steps

Dated: 08/31/2016

Views: 521

Home Buying

First Steps   

    In the process of buying a home there are many choices that will need to be made. Do I buy a house, condo or town home? Where do I buy? How much can I afford? What do I want vs. what do I need? Do I need five bedrooms or will three be enough? One bathroom or two? You get the point. Where should a home buyer start?

    After you may have figured out what you want and what you can afford it may be tempting to start the search for the home of your dreams. I will warn you that maybe a disappointing way to start. The housing market is picking up the pace lately. Houses are selling quicker now than they have in the last few years. If you are not ready to make an offer you may miss out on the perfect home.

    To position yourself correctly a mortgage pre-approval letter is almost a necessity. While an offer can be made without one in many situations the possibility of another offer competing against yours is high. Assuming the offers are similar or even slightly lower than yours odds are the seller will pick the offer that is more likely to close. A pre-approval letter gives the seller assurance that a mortgage is attainable based on the buyer’s financial situation. Losing a house just because you didn’t have a pre-approval letter may be a hard pill to swallow. Then there are the situations that a pre-approval letter is necessary. Short sales/REO properties often require a pre-approval or proof of funds for a cash offer to even entertain an offer.

    Take the necessary step to help avoid losing out on a home you really like. Find a lender that will review your financial situation and provide pre-approval to fit your needs. In the long run it will make the home buying process a little smoother.

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