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How Does a Letter of Pre-Approval Make the Buying Process a Whole Lot Easier?

Monday, October 19, 2015   /   by Tom Nickley

How Does a Letter of Pre-Approval Make the Buying Process a Whole Lot Easier?

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If you're thinking about buying, you really need to consider getting pre-approved. It's one of the most important things you can do to ensure the home search process goes smoothly.

The first, most important reason for getting pre-approved is to avoid falling in love with a home that you can't afford. So many inexperienced agents will take any buyer out at any time to see any home without getting pre-approved; this is doing the buyer a great disservice because there is nothing worse than spending a day looking at houses around $250,000, only to find out from your lender after you've found the perfect home that you can only afford a home around $175,000. This is disheartening - it sets you up for failure because you'll be comparing the cheaper homes to the more expensive ones you were already looking at.

Another reason it's important to get pre-approved is it makes your offer stronger. If you find a house you fall in love with and you want to write a strong offer on it, your offer will hold no weight in the seller's eyes without a pre-approval letter. In fact, without one, a seller won't even take your offer seriously.

Thirdly, it's important to have a pre-approval because if you want to submit an offer on your home, and you find yourself in a multiple offer situation, not having a pre-approval letter will result in the seller taking the other offer with the pre-approval. That will happen 9 times out of 10, even if your offer is stronger.

There are a number of great local lenders here in the Orlando area. The pre-approval process is smooth and painless, so if you are thinking of buying a home, please don't hesitate to reach out to us. We would love to set you up with one of our preferred lends or sit down with you for a free real estate consultation.


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