What you
didn't do could
hurt you when buying
a home in
Beaverton, Oregon
I love it when a buyer
calls me and says "I found a home on your site and I want to put in an
offer today!" Then I ask the questions that need to be ask
to qualify a
buyer and more often than not, when I get this call the buyer hasn't
even
called a lender. But, if they have, they usually only have a
"Pre-Qualified" letter
rather than the stronger
"Pre-Approval" letter.

Now, when I get these
calls it is usually because a buyer is wanting save money and get a
great deal.
They are usually looking at foreclosures (bank owned)
properties that give them
the most home for the money. When buying any home, the seller is
looking for
the strongest buyer and one way to make sure you are the best and
strongest
buyer with the best negotiating ability, you need to have all your
ducks in a
row. The best way to do that is have a strong "Pre-Approval" letter
from a great preferred lender which any great
agent should be able to give you
a list of. (These are lenders that the agent has worked with before and
know
that when they promise something they will deliver and also close on
time)
What is the difference?
when you get Pre-Qualified
you are usually just filling out some basic
information on a website or telling a mortgage banker/broker on the
phone what
you make per year and what your debts are and then the lender says
"Based
on that, we can give you a loan for $_________" But, a Pre-Approval
means they are actually pulling your credit, looking at your taxes,
bank stayments and even your paystubs and gives you an actual number
that that you qualify for and even good faith estimate of the interest
rate you would be paying. Now surprises later that you can't afford a
home in a certain price range or can't even get a loan. How upsetting
would it be to you if you found your dream home and your lender came
back and said "Sorry, we didn't know about this and we can no longer
give you a loan.
If you were a seller
looking at two, three or even ten offers (which often happens with
Beaverton
foreclosures) what offers would you look at? The one with
no letter, the one with the
pre-qualification or the pre-approval letter from their lender? I know
when I
get multi-offers on my listings I instruct my sellers to really only
look at
those buyers with pre-approval letters, because you know then all you
have to
worry about is the inspection and appraisal and those are both things a
seller
can negotiate. (You can't negotiate with a buyer that can't get a loan)
Now that you are "Pre-Approved"
don't make the next
mistake that could hurt you when buying a home. That
mistake that is also often
made by buyers is when they have been pre-approved and are ready to go
and find
the home of their dreams they say those famous words "Let us sleep on
it". These few words have lost more great homes for buyers than I think
any other single phrase in real estate.
If you find the home you
love, don't hesitate, don't sleep on it, don't ask to see other homes,
don't
delay or your home will be someone elses, especially in
this market where savvy
buyers are snapping up the deals in hours rather than months. There are
lots of
homes that are on the market for months, but they aren't the deals,
they are
full priced homes on the market and if you look what they listed for
and what
they finally sold for, there is usually a huge discrepancy. But, if you
look at
the ones that are priced right, they are sale pending usually 1-2
days.
For more advice from
experienced agents that want to help you find the home for you, then
give Todd
Clark and the Friendly Home Team a call at 503-524-9494 or
email me at at
Todd@IFoundYourNewHome.com and we will get you in contact with a great
lender
and get you on the road to home ownership. Let us help you do the
things you
need to do before and during the home buying process to successfully
buy a home
in today's market because "What you didn't do could hurt you when buying a
home in Beaverton, Oregon"

Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739



I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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