Last week we touched on what would happen to home prices if there was another recesssion. We concluded that there’s data to support home prices won’t be crashing any time soon. This market is far from losing it’s spark, so here’s something to give you that competitive edge when writing an offer. This article, stresses the importance of getting a preapproval letter.
A few highlights from the article:
- Time is crucial in todays market
- Work with a lender before writing an offer
- Set yourself up for success
- Be intentional
Here’s why writing an offer with a preapproval letter is recommended:
Today’s market, as we know, is very competitive. One way to stay ahead of the curve is to start working with a lender as soon as you would like to start your real estate journey. While it’s legal to write an offer without a preapproval, it’s not ideal. In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. When starting the preapproval process you’ll learn how much money you will be able to finance, which will give you a very accurate price range to work with.
In today’s competitive market, time is of the essence! We cannot stress enough how important it is to be intentional with everything you do. It’s crucial for the realtor and principle to be deliberate with their offers so they can come out ahead of the competition! When a listing agent sees a preapproval letter with the offer this lets them know that you’re serious, and assures them whether or not your financing will be sufficient. As a result of this sellers market, the influx of buyers motivates you to give your highest and best offer.
Here’s how we can help!
David Greene and his partner Christian Bauchelder have their very own loan team, called The One Brokerage. The One Brokerage strives to deliver the utmost service to help you reach your goals! If you’d like to speak with one of our lenders, contact us by sending an email to firstname.lastname@example.org.