If I don't know what you are qualified for, I will have no idea what homes I can show you. Your pre-approval letter contains the following very important information:
(courtesy of Cynthia Larsen- Sonoma County- Safe Haven Realty)
- The maximum purchase amount - It makes no sense whatsoever to show you homes that are above the maximum purchase amount you qualify for, unless the home is overpriced. That I can determine by looking at comparable properties that have recently sold nearby.
- Whether you have chosen a direct lender or a mortgage broker - If you are using a mortgage broker, I cannot show you HUD-owned homes. HUD requires a pre-approval letter on a direct lender's letterhead.
- The type of loan (Conventional, FHA, VA) - If you are qualified for anything other than a conventional loan, buying a condo or a "flipped" home can be very difficult and time consuming.
- Loan and/or Funding Conditions - We need to talk about your ability to provide documentation the lender requires on a timely basis.
We won't know that until you get pre-approved. In Real Estate, the pre-approval letter must come first. Let's call it the chicken. After that, we can go out together and look for that perfect egg.
Please contact me directly at 323-461-6570 if you would like more information about the real estate market in Urban L.A., or any information contained in this blog. For a free list of homes for sale, please visit UrbanPulseProperties.com.
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