We’ve all been there. When we’re ready to buy a new home, we want to call up our Realtor and GET IN SOME HOMES, pronto, right this minute. We don’t want to slow down and take care of the tedious, business of talking to the bank.
BUT when we don’t, we’re running the risk of losing our dream home why?
1) In the Augusta market and surrounding areas, Sellers EXPECT buyers to be prequalified with a lender… either that or to be paying with verified cash. That’s just the way it is. If you find your perfect home, and want to make an offer, but have to wait for a lender to prequalify you, someone will very likely come in and purchase YOUR dream home right out from under you. And if you make an offer with no prequalification, the majority of Sellers will likely decline your offer. Them’s the breaks.
2) It also helps you know where you stand. Nothing disappoints a buyer like not being able to afford his/her dream home. If you set off to find a home before you’re prequalified, you’re shooting in the dark. Imagine setting your heart on making an offer on a home, but it turns out to be $20,000 over your budget. You will be one pitiful pearl.
3) Prequalification shows you’re a serious buyer to all parties involved with the sale of your home. Viewing homes is an intense, time-consuming process. Realtors and Sellers are sharing their time and energy in hopes of closing a sale. When a buyer hasn’t even begun their process for financing, why SHOULD they be taken seriously? Most realtors I know will show a non-prequalified buyer ONE home… but that’s it.
While there are exceptions to most every rule, if you are borrowing money to buy a home, there is no real exception to this one.
If you know someone in the area who is buying soon, please put me in touch with her or him. I have a list of preferred lenders I’m happy to share to get them prequalified. It is a relatively painless process, and it gets potential buyers one step closer to their dream home.