To take advantage of these artificially low prices and great interest rates on home loans, you must look better to the seller than all the other buyers making offers.
"I've been Pre-Qualified!!!"
There was a time when getting pre-qualified for a home loan was enough to make you a “serious” buyer in the eyes of the sellers. You could usually get a “pre-qual” letter from any lender by talking to them on the phone and answering a few questions. When you did that, you got a rough indication of the loan size you might be able to acquire, but frankly, that was at best based on “educated guesses”. None of your information was verified.
Today, you can still get pre-qualified from a lender and many real estate agents will try to use that to show you are a serious buyer. Fact is, when you are up against better qualified buyers, you’ll wonder why your offer was rejected, usually without comment or even a counter.
In order to be taken seriously in today’s market; you must be pre-approved by a trusted lender. Pre-approval means you have completed a loan application, received your credit report, and your assets and employment have been verified. Pre-approved buyers know the exact maximum sales price of the home they are qualified to purchase and won't make the mistake of offering more for a home than they can afford. Armed with a letter of pre-approval from a legitimate lender, their offers will be taken seriously. We've seen many pre-approved buyers offer a lower price than their "prequal" competition and get their offers accepted. It really pays to do a little upfront work when you are making one of the largest investments of your life.
Realty World ALL STARS agents do not broker loans. We feel that only a professional who specializes in home loans will be able to shop and secure the best loan for you. We will be more than happy to recommend a lender we feel you can trust. Our agents receive no compensation for their recommendation. Realty World ALL STARS want what’s best for you and helping you choose a good lender is important to your overall satisfaction with the job we perform. After all, we want you to recommend us to your friends and family and tell the world we are the best. That's how we win customer satisfaction awards like the Daily Bulletin and Los Angeles Times Reader's Choice!