The Value of Being Prepared to Buy – buyers and sellers take note!
The Story: Jay Tolisano often gets calls when the fire alarm is pulled, also known as, when the buyer finds a home they like! However, many of these buyers have not yet been pre-approved to buy a home. Now that they need to be panic and stress typically sets in for all parties involved, and sometimes the perspective buyers learns he/she cannot afford the home they want. Or they determine there is a credit issue within their profile or some other item that will prevent them from buying a home.
The Solution: Get PREPARED, and early! Getting prepared to buy a home is easy, and at little to no cost, other than your time. It could be as quick as a day or, as long as a few days to get pre-approved depending on your employment and overall loan profile. We always say the moment you start to think about buying a home you should consult a mortgage professional to have a simple high-level conversation about buying and the mortgage process. We can then guide you as to next steps, by providing you with a pre-approval, or pre-qualification; running numbers, setting a budget, and building your home buying profile.
It is far too often that we have clients come to us as they need to put an offer in on a home, looking to obtain a pre-approval for that home. Of course, we love helping all customers, and will, however we see they are coming to us too late, and the stress factor is elevated because they are not prepared.
If you wait until the last minute, you could be in a situation where there are multiple bids coming in on a home, you are not ready to get your bid in at the right time, and you just might lose the home.
Oh, by the way, if you are a seller looking to sell and then buy your next home (anywhere in the US) you also need to get pre-approved and should do so before you hit the switch and list your home! Why? Well the same applies. If you are a seller that will then be a buyer of your next home, you still need to be prepared. Just because you own a home now, or have a mortgage now, doesn’t mean you will automatically get one on the next home. You also want to work up your budget for your new home as what you think your payments may be, may end up being very different!
Whether you are a buyer or seller, spend the time and get yourself prepared. It is a complimentary phone call that can take as little as under thirty minutes, or as long as an hour depending on how many questions you have. We are always willing to help and guide you so please give us a call.