Because He Lives...He has blessed me!

Because He Lives...He has blessed me!
My first Grand Blessings

Wednesday, February 6, 2013

Get Your Pre-Approval Letter First!

Now is the time to set the appointment with your mortgage loan officer to sit down and get a mortgage pre-approval letter.  First of all, Why do you need a mortgage pre-approval letter?  No listing agent will even take your purchase offer without a mortgage pre-approval letter.   Why do they need that you ask?  Well,  look at it this way, how does a  listing agent and the seller know if you can afford to buy the house. 

Believe it or not I have people calling me all the time to go show them  homes that they are not approved or able to buy.  After talking to them, I find they have had bankruptcies, or foreclosures, bad credit, or poor work history.  THEY WANT TO BUY.  But in their current circumstances they cannot buy a piece of Rome real estate.

I just had a call the other day from a Facebook friend.  Their kids wanted to buy, but unfortunately they were only out of a foreclosure 1 year.  They have to wait longer before they can buy.  So if you were a seller and I brought that buyer with no pre-approval letter there would be an issue.  The buyer and seller would agree to a price.  The  home would come off the market.  The inspection would be done and the clients would go to the mortgage lender.  Only to find out that the buyer cannot get a mortgage.

So the home owner would have wasted time and had their home off the market for a bad buyer.  So it is very smart for any Rome home owner to ask all buyers to bring a pre-approval letter when they bring an offer.  A mortgage pre-approval letter is a mandatory item you have to have when submitting a home offer on any foreclosure or bank owned properties.  No pre-approval letter, your offer is not even going to be looked at.  

So I hope you understand why you need a mortgage pre-approval letter.  It eliminates the lookers, and makes sure the deal is a "real deal".  It tells the seller that you have talked to a mortgage lender and that you can afford to buy this piece of Rome real estate.  I hope you learned one more thing about the Rome, GA home buying process.  If you have more questions give me a call. I will be glad to help you out every way I can.  That's my job to make your home buying process easier and less complicated.

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