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bopbo | We have a lender that says we are pre-approved and to start looking for properties, but ...? |
don't you need a pre-approval letter for sellers to take you seriously? He said once you find a property and agree on a price, he'll print up the actual letter with the amout on it, because as he put it if he prints a letter saying we are approved for x amount of dollars, that we will lose our bargaining power. My question, will seller or real estate agents not be interested in dealing with us if we don't have the letter up front? What do we do ,what is our next step?we hav'nt contacted an agent yet. |
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Openthathouse.com
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What you are looking for is a pre-qualification letter. I usually give my clients one with a general number or one in which they want to bargin with. Lets say the average home you are looking at is 360K but you can afford a 500K home. I am defintly no putting 500k on there since I could hurt your bargaining negotiations. So my suggestion is to ask for a prequalification letter in which you will be comfortable with or if the LO is worried about it than tell your Real Estate Agent to call your LO for your parameters. yes, a letter is better to have because it just shows your serious about shopping and not wasting the Real Estate Agents time.
Advice: Get out there and start shopping so you can find a home and lock in before rates keep going up and you keep tacking on more money to your new mortgage payment |
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MagPookie
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My advice is to get it in writing. You bargaining power doesn't have anything to do with your loan. It's up to you and your realtor to offer/counterofffer for the purchase price. The amount the bank lends you doesn't affect what the buyer is willing to take. If they don't like your offer, they will take someone else's. |
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barn cat
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Interesting question. I think I would inform the real estate agent you are working with that you are approved for a dollar amount and that you can provide a letter from lender when you submit an offer on a particular property. That way, a 3rd party can support your claim while still preserving that bargaining power the banker is referring to |
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Will D
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Your lender may tell you that they pre-approved your loan, but until it is in writing, it is not legally binding upon the lender. If they provide you with a letter specifying an amount, then you have a written binder from them. Most lenders cannot make promises like that. Twice we have left home to go to our closing meeting only to have the mortgage company call to cancel the meeting just minutes before we arrive at the office. In our case, the mortgage company gave us verbal commitments on a mortgage packet, but “discovered” a discrepancy just before the scheduled meeting with the closing agent. Had we received a pre-approved statement from them prior to closing, then their legal position would be tenuous at best. In the end, we changed to a different company that preferred honesty to blowing smoke up our backsides. To this day, I still think of mortgage companies as being on the same low rung as used car dealers or politicians.
By the way, nearly all real estate agents represent the seller as the seller pays the realtors fees. The realtor wants the property to sell for as much as possible as they calculate their fees based on a percentage of the sales price. The realtor’s code of ethics requires that agents maintain your confidence in order to protect your interest. The realtor has the same duty to the seller. That puts the agent between both parties, thus pulling the agent in two directions. If you do not have 100% confidence in the agent’s ability to protect your position, hire a buyer’s agent to assist you.
Good Luck!!
Will D
Enterprise AL
http://www.notagz.com |
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daniel r
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there is nothing wrong with what your lender has said. have your real estate agent talk to your lender so he/she knows what range to look at. when you find a home, your agent will tell your lender what amount to put in the approval letter. I do it this way exclusively. |
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SUSIE
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these are all good answers but banks are the hardest to get approved with so that would probably be the wrong way to go. now as far as mortgage companies go they can give you a pre approval letter just let them know the amt of prop. you are looking for so they can get you qualified for that amt. if you know the price range of the area you are looking in that will be helpful at knowing how much of a loan you need. |
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kerangoumar
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get a bank to pre-approve you. This person does not sound right - is he a private lender or small mortgage company principal?
The bank will provide the letter; you do not have to show it to anyone at the bargaining stage so how would you "lose bargaining power"?
You do not need to show a seller anything at the bargaining stage - except for your earnest - the amount of money you put up to show that you are bargaining in good faith. That can theoretically be one cent, because then it is a monetary pledge that validates the offer. Most sellers want to see more money though.
As for the real estate agents wanting to see something that tells them how much you can afford - is that a wrinkle in the US? In Canada one tells the agent what price range one is looking at. None of this "here's proof that I can buy a house worth $X so please can you show me some?" |
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rweasel6
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Most agents will want you to either bring a pre approval with you or have you get one.
How can they look for houses for you if they don't know your price range?
The seller here sounds weird. You don't have to show a seller a pre approval letter. Thats what earnest money is for. If you bid and then have to back out because you can't get lending. Like the guy said above. Go to your bank and get a pre approval and give it to your agent if you have one. |
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mockingbird
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Your loan officer is right. If you are pre-approved, he will be able to generate a letter for you quickly when you are ready to make an offer. If the seller is asking for $325,000 for example and you are armed with a letter saying you're pre-approved for up to $350,000 a seller may not want to agree to an offer below the asking price because he or she knows you have the ability to go to their asking price. Contact an agent and let them know you're preapproved and that your lender will provide you a letter when the time comes. |
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Jonathan S
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Honestly, It doesn't matter too much. All the pre-approval REALLY says is that you're in touch with a loan professional. Now, if you have great credit and a significant down payment, THAT'S something that makes you a serious buyer as your loan will close quicker and put you ahead of the game. I do both agent work in california and loan work nationwide. If you feel comfortable, e-mail me a bit more about your situation and together we can figure out the best solution for you. jskerrett@ffbcorp.com |
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