Last week I received a call from a potential home buyer who wanted to see a home she found online right away. As we started to discuss the home buying process she let me know she would need financing, but hasn’t been approved for a mortgage yet.
I educated her about our current market conditions and went over the many reasons it is important to get approved first. However this potential home buyer told me she just wanted to see the home and had no intention of getting approved before doing so. If she “liked” the home she would then go through the approval process.
While it is not common for Wellington sellers to require proof of funds in order to schedule an appointment, it is customary that a real estate will and here’s why:
1. Wellington is a SELLER’S MARKET, which means we are experiencing a lack of home inventory and homes priced right especially at the lower price points sell fast. So it is important home buyers are ready, willing and able to submit an offer right away when they find a home they like, which means they need to be pre-approved and not at a lenders mercy waiting to be approved.
2. I cannot write an offer without knowing the terms. In order to write an offer I need to know what type of loan program a buyer has chosen and been approved for. Being approved and comparing different loan programs is something that should be done prior to looking at homes, not after you found it.
3. Sellers will want to see your pre-approval letter. In my experience a seller will not look at or entertain an offer without a pre-approval letter or proof of funds. Why would a seller accept or counter an offer when the buyer might not even be qualified to purchase their home?
4. I don’t want to waste anyone’s time! I want all of my clients to have their finances in order prior to looking at homes. There is nothing worse than showing a buyer homes they are not qualified to buy or losing a home because they weren’t prepared to submit an offer. On top of that a lot of sellers go through great lengths to prepare their home for showings and make arrangements to leave during the scheduled time, so I never want to waste their time either.
Wellington home buyers can read about the many other reasons it is important to be approved by visiting: Why do I need to get Approved First?
If you are looking to buy a home in Wellington Florida contact us today! We will guide you through the entire buying process from start to finish.
Can an Unapproved Home Buyer Look at Wellington Homes for Sale?
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