In my previous post, I noted that having a pre-qualification is one of the important steps to take when looking for a new home. This has always been true of course, but in our current market
The Importance of Pre-Qualification in Today's Market
Dated: March 31 2021
In my previous post, I noted that having a pre-qualification is one of the important steps to take when looking for a new home. This has always been true of course, but in our current market situation here in Southwest Florida, the pre-qualification letter takes on a new urgency.
Imagine that you meet your agent in the driveway of your perfect dream home one Friday afternoon. After looking at the home in person, and the agent having addressed the questions that came up during your showing, you are certain that this is the home for you!
It's time to submit an offer!
The agent asks you for the information needed to create your offer, and with each moment the excitement becomes more real ... and then your agent adds:
"And if you could email me your pre-qualification letter as soon as possible, we'll need to submit that with the offer"
"Of course" you say ... thinking to yourself that you will call your bank as soon as you get in the car, and with any luck you'll have the letter in your agent's email before they get back to the office!
Except it's Friday, and the earliest your bank can get you a letter will be Monday mid-day. And by then, your perfect dream home has gone PENDING.
This is not an imagined scenario but one that has come to be all-too-common lately.
The way to avoid this happening to you? Before you begin looking at homes, get together with your bank or mortgage lender and get a pre-qualification letter IN HAND. This will give you the confidence that when you say ... "Yes, I'd like to put in an offer", you know that your offer will be in front of the seller as soon as possible!
And that gives you one less thing to worry about when you get in the car and look forward to living in your perfect dream home!
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