Do you See the Doctor Before Having Surgery?

Do you See the Doctor before having Surgery?

A few weeks ago I received a call from a potential buyer who wanted to look at several homes.  I love showing homes, it's probably one of my favorite parts of being a REALTOR, but I only show homes to qualified home buyers.

When I asked this potential buyer if they were obtaining financing or paying cash they confidently told me "financing won't be an issue, I'm putting 20% down," yet they had not been approved by a lender.

Steps to Buying a Wellington Home - Proof of FundsUnfortunately putting 20% down means absolutely NOTHING.  Last year I had a buyer who wanted to spend up to $300,000 and was putting 60% down, but after going through the qualifying process she was only approved for $200,000 with 60% down and there is a HUGE difference between a $200,000 home and a $300,000 home.  

Could you imagine if we looked at $300,000 homes for weeks or even months assuming she could purchase one only to find out she could not get a loan for that amount?  Not only would I have a disappointed buyer on my hands I also would have wasted a lot of time for all parties involved, including mine, my clients', the sellers and possibly their agents.

Just because a buyer can afford the monthly payment (mortgage, property taxes & homeowners insurance) on a home doesn't mean they will get approved for that amount by a lender.  Online mortgage calcultors are great along with the old saying, triple your income and that's how much house you can afford, but neither are realistic or accurate.

If you are looking to buy a home and need financing the first step is getting pre-approved for a mortgage.  

Still not convinced you need to get approved first?  Check out this great article:  Why do I need to get pre-approved first?


Originally posted at
http://wellingtonhometeam.com/do-you-see-a-doctor-before-having-surgery/

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446


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Comment balloon 44 commentsMichelle Gibson • March 30 2012 10:50AM
Do you See the Doctor Before Having Surgery?
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