Don ’ t Get Caught House Shopping With an empty “ Wallet !”
By : Marc Elliott
melliott @ elgloans . com Encompass Lending Group
Ever go shopping and find that absolutely perfect thing you just had to have ? Maybe it was clothes … Maybe it was a tool … Maybe it was the toy your kid has been bugging you about for months …. Then you look in your wallet and see nothing – no cash ... no cards … not even an IOU note from your friend who owes you some cash .
As you look around , you realize that you ’ re at Wal Mart on Black Friday and there ’ s only one of your coveted purchase on the shelf . The person next to you shoots you a devilish grin , picks up your prize and sprints to the checkout . As you think of all the things you wish would happen to them on the way to the checkout , you find yourself wishing you ’ d come to the store more prepared .
That ’ s exactly how it feels for unprepared buyers in the real estate market right now . They may as well have shown up with an empty wallet . Houses don ’ t sit for long in League City or the surrounding area . Stories of homes selling in just hours are common . There are a ton of buyers out there trying to buy a limited supply of homes on the market . Time and time again , buyers are losing the home of their dreams to another buyer because they came to the market unprepared .
How do you avoid this regrettable situation ? It ’ s really pretty simple . Before you head off to the internet or get in your car to find your dream home , contact a reputable lender to get a preapproval letter . It seems so simple , but a surprising number of people skip that step .
The natural question is how to tell which lenders are “ reputable ? “ The first indication is how much effort they put into determining that you ’ re approved . That approval letter is only as good as the information the loan officer verifies . Home sellers want to see that the lender took the time to check your income , how much money you have in the bank , and if your loan will be approved through their system . If your lender doesn ’ t ask for pay stubs and bank statements , they may not be giving you the reliable approval you need to win the house you want .
The best way to find a good lender is to ask your Real Estate Agent for a referral . Since they work in the market every day , they know which ones are honest , return phone calls in a timely manner , and will go that extra mile to help you get through the process . Friends ’ suggestions and internet reviews are great , but Keep in mind those are based on one time experiences . Your Realtor will know best from having closed many transactions .
As the weather warms up and the real estate market does along with it , houses will start to fly off the market even faster . Don ’ t miss out on a great house just because you came to the Black Friday Sale with an empty wallet .
You may have awesome credit and an incredible job , but without something in writing from a lender saying you can get a loan , none of that matters . You may as well be unemployed with nothing in your pocket but lint . An approval letter from a reputable lender makes you stand out as someone who can actually buy your future castle .
17 MOMENTUM / May 2018