Not Knowing is Not Better - this is for buyers thinking of purchasing a home. This post really 'hits home' as most buyers really don't know what mortgage financing entails or if there are some 'bumps in the road' how to get them fixed quickly.
A case in point about my own recent buyers - One said there will be NO problems with financing BUT it took 3 weeks for him to get preapproved. If you are looking in a fast moving price range do you think the seller is going to wait for you? I'm afraid your mistaken if you do.
Great advice here from from David Burrows in Virginia.
I have a friend who is a doctor. We were sitting having lunch a while back and I was sharing about another friend of mine who has something going on physically. My doctor friend, after I paused for a moment, spoke up and said these words that I will never forget: "David, when it comes to physical concerns, NOT KNOWING IS NOT BETTER". I knew exactly what my friend the doctor was saying. "We can guess, we can speculate, but the fact is, until your friend has a true diagnosis, until he/she knows what they are up against, we are only guessing and nothing can truly be properly treated!"
Why this story? I mean, after all, I'm a Real Estate Agent who seldom becomes involved with individuals in reference to health concerns.
The reason for the story is this: I am constantly running into prospective home buyers within Real Estate who want to purchase a house but they haven't come to grips with one specific absolute that MUST be dealt with. They stop by and sign up at my website to search for a home. They talk with me sometimes and endeavor to persuade me to take them out looking for a house! But when the subject of their CREDIT and MORTGAGE APPROVAL comes up, I hear things like, "I believe everything is fine David, let's just go house shopping first and then I will pursue the Mortgage!" Then comes the disappointment when house hunters who procrastinated find out they can't qualify for a Mortgage and there are things to work on which of course means there is a delay they hadn't counted on! The disappointment mentioned a moment ago is huge. All the while, this has happened because they didn't want to deal with the facts! You see, in Real Estate, like when tacking health concerns, NOT KNOWING IS NOT BETTER!
When you as a home buyer know up front where you stand financially, you can then begin to fix what is wrong, if something indeed needs to be fixed. Additionally, you will be able to find a house in your price range and when that house is found - You will be able to write a sound offer in an effort to purchase it!
The fact is, most of us, unless we are paying cash, will need a Mortgage and Mortgage Approval! Why not deal with it up front so that the path is clear for your next home purchase.
David Burrows
David L. Burrows, Realtor®
Classic Realty 4200 Evergreen Lane, Suite 331
Annandale, VA 22003
Serving: Gainesville VA, Haymarket and ALL of Northern Virginia
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Three weeks to get preapproved Lyn? What is going on with the lender there or is the applicant not providing documentation? I have seen preapproved people fall through cause they are "marginal". Without approval nothing happens.
I love working with doctors. I think I will put together a list of professions and how it is to work with them.
Gary: How are you! Yep, that's how long it took & not sure why. Buyer brought all the paperwork because I asked. Then every week I asked for the outcome. Strange but an OK buyer that just picked someone slow?
Bruce: Never worked with one yet, probably my average price range. I bet each profession has it's little quirks.
Lyn
Not knowing is not better, it can be a nightmare.
Good luck and success.
Lou Ludwig