When it comes to seeking out your “dream home” , its not only a case or cases of the “early bird gets the worm”. Then again if the worm was so smart what was he or she doing out there in the cold ? Its not only a case of getting out there and beating the bushes , but as well being ready willing and able with all of your financing matters out of the way. Experienced professional Realtors can readily point out that in many circumstances more than one more than avid and determined potential home purchaser lost out due to financing concerns , that being taken care of early would of been headed off at the pass.
The tale was once told of a person who belonged to a religious order that did not permit the viewing of TV. Yet this fellow was an avid dvd movie enthusiast. When questioned the distinction, the answer was very simple and straightforward : “Mong its very simple – TV is TV and a movie is a movie”. In the same way a home financing pre-qualified stamp from your bank , credit union or other financial institution , is not the same as a final stamp of approval proving solidly labeled financing. Mortgage financing “Pre-approved ” is “Pre-Approved” all set to go and end off that final real estate deal or deals.
A formal mortgage pre approval and approved stamp of acceptance or approval into the banking lending and loan process will provide a basis of both telling you what you or your family can afford when it comes to scouting out the real estate market and as well inform , even broadcast to both home property sellers and their realtors that you are qualified and worth their time , effort and attention and that you and your agent are both in step qualified to both entertain the thought of buy and for them to deal and negotiate in excellent faith through the sales , buying and deal closure process.
Being pre-approved brings no surprises , or at least less chance of missing out on that fantastic deal or the house or home “that you must have”. Being in the classification and situation of being cleared that you are really pre-approved for real estate property financing rather than in the “just looking” phase and category and column in the Real Estate agent’s notebook or netbook laptop portable computer. Being in the financial category of “Pre-approved financing‘, allows you to be nimble , make quick and assured choices when it comes down to final deals and negotiations as well to be able to deal effectively with aggressive and what might even be considered high pressure sales tactics and procedures that you normally might encounter with enthusiastic and gung ho agents of your local tax collection authority .
An fascinating viewpoint on the deals afforded by current real estate and home financial realities and the home selling and purchasing marketplace. The basic and simple reason that many of those homes shown to you by your realtor , and by the most avid property sellers are such exceptional bargains and even “once in a lifetime buys” are because they people and companies selling them have their backs up and against the wall. They cannot make sufficient payments to keep “the wolves at bay” and indeed the houses are either under pressure to be sold , are in early stages of foreclosure or may just be ready for the financial chopping block. Its no wonder that these home , land or property owners are so desperate to sell , and that you are in the driver’s seat when in comes time for final negotiations on price and terms. They have to sell because they bought what they now cannot afford. Do not make the same mistake yourself. Only finance and buy the house or home that you can truly and easily afford.