Preparation creates leverage
A prequalification based on an informal conversation may not be enough in a competitive situation. A complete preapproval can provide greater confidence for both the buyer and seller.
A buyer who is fully preapproved can respond when the right opportunity appears.
Preparation includes:
Reviewing income and employment documentation Verifying funds for the down payment and closing Understanding the maximum comfortable payment Comparing appropriate loan programs Identifying properties with negotiable terms Coordinating financing and offer strategies
A prequalification based on an informal conversation may not be enough in a competitive situation. A complete preapproval can provide greater confidence for both the buyer and seller.
Buyer action step
Identify three homes:
One newly listed property One property listed for more than 21 days One property with a recent price reduction
Compare the asking price, estimated payment, condition, days on market and potential seller concessions.
Call to action: Contact me before touring your next group of homes. We can establish your target payment and prepare financing options so you know exactly where you have room to negotiate.
This article is for informational purposes and is not an offer to lend or a commitment to make a loan. All loans subject to underwriting approval, program guidelines, and appraisal. Equal Housing Opportunity.