A "pre-approval" is a letter or document from a mortgage or loan officer that states you can afford to purchase a home in a certain price range. A true "pre-approval" will also state that the officer of the institution has reviewed your employment history and your recent credit history.
I cannot make a successful attempt on your behalf to secure a home for sale without this document. It is very simple and free. Too often I take a client on their first visit to homes and guess what happens? They find a home they can't live without yet now we must scramble to get a "pre-approval" so we can make an offer. More time for another buyer to get their offer together on the house you just fell in love with!
At the time that I present your offer to purchase real estate, you will need to have earnest money in the form of a personal check. If the offer is accepted, the money will be held safely in escrow at a bank in an account created just for your earnest money. At closing, this money is applied toward the purchase price of the property.
A promissory note due at the time of final signing by both parties is OK, but I discourage multiple-day promissory notes. When I am a listing agent representing a seller, I never accept multi-day promissory notes and here is why: A buyer brings a contract that the seller likes and agrees to and signs. Now the property is to be taken off the market and labeled in the MLS as "under contract". Yet if the buyer does not want to give earnest money showing commitment until after the 5-day attorney approval and inspection period, it does not represent a serious offer. So definitely get your monies in order to prepare to purchase a home.
Once you have decided that you want to move to this area it is important to understand that new properties come on the market every day. It is also important to know that there may be other buyers like you wanting the same type of property at the same time. This is why I still stay on top of the MLS (Multiple Listing Service) to make sure you don’t miss that perfect home. Can you follow the listing activity on other websites? Sure… but one thing those other sites don’t have is status accuracy. They could be days behind on “just listed” or “price change” notification.
Availability & the MLS
Looking online for a particular home’s valuation? An online estimation is a gathering of data from county records and other data sources. It does not take into account current market activity. Most often, the data they pull from is incorrect.
Talk to me, a local expert that steps inside more OPRF homes in one year than you will visit in your lifetime. And remember, OPRF is an urban suburb that is busy and thriving, but we are two small towns at heart. Every property has a history and a story. This all needs to be taken into account when pricing.
The above thoughts are also why it is important to move quickly when you have decided… “I am ready to make an offer on that house.” That’s right… move quickly. It will be your dumb luck that in a slower market you end up paying more than you originally needed to because you got in a bidding war with a buyer that just so happened to want the same house at the exact same time you did! Think it won’t happen? I see it every year.
So when you reach that point that you want to offer on a property, call me immediately. I don’t care what time of day. We will discuss the next move. In most cases it is better (for you) if I come to meet you where it is convenient (for you) and we will write the offer together. I have all the necessary contracts and provisions. The buyer’s contract I like to use contains the contingency that the seller and buyer have the same 5 business day period to have the contract reviewed by an attorney after the offer has been accepted and signed. Same with the inspection. The buyer has a 5 business day period to inspect the home and ask for issues to be addressed by the seller.
Making An Offer
Me? That is right. This is all I do. I am a full-time professional Realtor. I list a lot of property throughout the year. In nearly every listing I get a call that goes like this, "I am Mr. "Buyer" and I am calling about your listing at 123 Pleasant Lane. I see in the paper it is under contract. I didn't even know it came on the market!"
This is an unfortunate story repeated too many times everyday. Again, the homes that are perfect and priced right will sell before the ads are even printed. It is all common sense. As a buyer's agent one has a responsibility to do everything possible to not just FIND the home but also tell you what it will take to GET the home of your dreams. I am committed to this responsibility. Call or email me and let us get started on your home quest today.