Why Do I Need To Get Pre-Approved?
You might be thinking "I'm just starting to look at properties for sale. I'm not sure how far I'm going to go with it. My agent tells me I need to get pre-approved before looking. Why is that necessary?"
- Because if you do find a property you fall in love with and you're not prepared to purchase it you might lose it to another buyer that is ready. In order to make an offer, you will need a Qualification or Approval letter, or proof of funds from your bank or mortgage broker.
- Listing agents tell sellers that buyers coming through their homes will be pre-qualified or pre-approved. A seller does not want to show their property to unqualified buyers.
- Even though a selling agent is not working for the seller, they are expected to bring only qualified buyers through property showings.
- Agents work on commission only. It is more work showing homes than showing cars or furniture, etc., in a showroom. If you're window shopping you should probably just visit open houses until you're ready to purchase.
- Some luxury properties (not always luxury) require an approval or proof of funds just to view their homes.
Showing a home takes effort on a seller's part. They don't want to show their properties to unqualified people. They need to keep their home as clean as possible and with many family members, especially younger children, this isn't always easy.
Most sellers agree to be absent during showings. This means they have to leave the property and in many instances, this means an entire family, including pets, have to leave the home.
Buyers make appointments throughout the day. Maybe you want to see the property during the seller's dinner or when they have other activities planned. They need to work around these normal family living rituals when they have their property up for sale.
It is never fun having strangers go through your home while you're still living there. A seller doesn't want more people than necessary going through their homes. They realize their lives will become disruptive during the selling process, but they don't want to go through all of this with unqualified "lookers."
If you'd like more information on getting pre-approved just Contact Me or give me a call at 480-906-1500.