Health & Fitness
SKIPPING THIS ONE STEP CAN COSTS YOU... GET PRE-APPROVED!!!
A true story of how not getting a solid home loan pre-approval came back to haunt a client. Please do not make the same mistake.
A few weeks ago I received a call from a gentleman who was so excited about buying his first home. He already had his eye on a couple of homes and wanted to continue to look each week. After a long conversation, I suggested his next step should be to get PRE-APPROVED for a home loan since he was looking to purchase a home in the next 2 to 3 months.
During our next conversation, I asked the gentleman how the Pre-Approval process was going. He replied that he wasn’t worried about getting approved for a loan because his credit is in good standing. Again, I suggested that he get PRE-APPROVED because not doing so could cost him the property. “Hot Properties” can be on the market one day and gone the next.
A few days later, I asked him how the PRE-APPROVAL process was going again. He simply responded that his friend who works at the Credit Union told him that it was best to wait and have his credit run at the last minute. I said ok, but informed him that I didn’t think that was a wise decision. It seemed as if he was looking to move on any good deal that presented itself.
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To make a long story short… He found the perfect deal. The price was great. The neighborhood was great. The house had been completely renovated. Now he was prepared to submit an offer to purchase the home.
I informed the gentleman that we needed him to go through the PRE-APPROVAL process so we could submit a credible offer to the seller. He said that it would be no problem to get approved…AND HE WAS 100% CORRECT… HE WAS APPROVED.
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IT’S TIME TO CELEBRATE RIGHT? NO
In the time it took him to get PRE-APPROVED, another family already submitted an offer on the home and it was accepted…
I hated telling the guy that if he had been PRE-APPROVED, he might have gotten the house. But I didn’t have to because he knew I was right from the very beginning. So now we are back to the drawing board. I am still assisting him with the purchase of his 1st home, but he is kind of down about missing out on a great deal.
DON’T MAKE THE SAME MISTAKE… GET PRE-APPROVED SO THAT YOU ARE PREPARED TO MOVE ON A GOOD DEAL…NOT ALL HOMES STAY ON THE MARKET LONG…THAT IS A MYTH. I’VE SEEN THEM SELL IN DAYS.
Tyrone R. Eaton
Licensed Realtor
Zip Realty, Inc.
1122 Kenilworth Drive
Suite 217
Towson, MD 21204
410.971.2126
teaton@ziprealty.com
