We are planning to start looking for coop next month. Do I need to be preapproved before we start? I'm envisioning looking being a long process...
How do you even begin to get preapproved?
MarcellaBella
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Re: Do you need to be preapproved before looking?
NO!!!!! you DO NOT
Kelly9904
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Re: Do you need to be preapproved before looking?
No one has asked us if we were! They asked very vaguely if we had the money for a DP and we said yes! One agent didnt ask anything at all about $$ or pre approval!
ETA Although I have heard (maybe marcella can say more on this) that it can be helpful especially if you are bidding up against someone not preapproved! It may make the sellers think you are more serious and ready to move along quickly than those w/o the pre approval!
mv1003
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Re: Do you need to be preapproved before looking?
A RE told me today that he wouldn't show me anything w/out a pre-qual letter. Is this different from a pre-approval?
Where are you looking for a co-op?
Teri
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Re: Do you need to be preapproved before looking?
no, definitely not, although it may help speed up the process if you want to buy quickly. Some RE agents ask us if we are I think just so that they can see if we're serious.
It's certainly not a requirement though.
mv1003
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Re: Do you need to be preapproved before looking?
I'm in no rush- so that's very interesting that he would tell me that!
karen32
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Re: Do you need to be preapproved before looking?
when i bought my condo 4 years ago, i was told that i didn't have to have one, but it would help. if it comes down to 2 bidders and one has it and the other doesn't - you can bet the seller will go with the one who has it. it's too risky sometimes to go with a buyer who isn't approved.
Sasha96
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Re: Do you need to be preapproved before looking?
It's not necessary but recommended. Most sellers will prefer a person with pre-qual or pre-approval.
peeweesgirl
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Re: Do you need to be preapproved before looking?
pre-approval is better then pre-qualified, but know you do not need that to look, they just want that so they know your not wasting there time.
casg
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Re: Do you need to be preapproved before looking?
Posted by Sasha96
It's not necessary but recommended. Most sellers will prefer a person with pre-qual or pre-approval.
it is to your benefit too lets just say you go out looking for the first time and find something you like and want to put an offer on it
you will get more attention from the seller if you have that letter
Charly
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Re: Do you need to be preapproved before looking?
You don't need one, but I'm glad I had it. For some reason everyone asked me for one!! And they definitely wouldn't even consider letting us put a bid on a house without a copy of it to send to the sellers agent. (This is in Westchester - not sure about LI).
They are easy to get and free - better to be safe than sorry.
MarcellaBella
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Re: Do you need to be preapproved before looking?
FYI, a monkey can get a pre-qual.. it means NOTHING.. a pre-app is what is preferred.. and NO, it's not necessary
MichelleW
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Re: Do you need to be preapproved before looking?
Posted by MarcellaBella
FYI, a monkey can get a pre-qual.. it means NOTHING.. a pre-app is what is preferred..
Very true. However if you business with YHD Foxtons, they will insist on a pre-approval letter before they show you a property or take a bid. WE had one experience with them and I founf them to be very obnoxious
MarcellaBella
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Re: Do you need to be preapproved before looking?
Posted by MichelleW
Posted by MarcellaBella
FYI, a monkey can get a pre-qual.. it means NOTHING.. a pre-app is what is preferred..
Very true. However if you business with YHD Foxtons, they will insist on a pre-approval letter before they show you a property or take a bid. WE had one experience with them and I founf them to be very obnoxious
they probably require the pre-app, b/c there's no actual office.. those agents work out of their cars really..
Mandy77
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Re: Do you need to be preapproved before looking?
It isn't necessary to look. Some agents won't show houses without it....they are the ones that do a lot of business and don't want to waste their time if that person won't be able to get a mortgage. I personally do show houses without it.
I have never even heard of a seller looking at an offer without it though.
casg
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Re: Do you need to be preapproved before looking?
Posted by Mandy77
I have never even heard of a seller looking at an offer without it though.
me niether
LizD
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Re: Do you need to be preapproved before looking?
I just want to add as someone who has sold a couple of houses, we took people with pre-approvals more serious (not sure why since really anyone can get one), but we did. Just in case that helps.
I know when we were looking also, some people had asked that right off when we made an offer.
MarcellaBella
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Re: Do you need to be preapproved before looking?
really? hmm.. I know alot that have looked at offers without it..
casg
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Re: Do you need to be preapproved before looking?
well every agent/broker work differently
ETA i use them now cause i have had 3 offers get denied till i had it and it risked me lossing that house and someone else getting an offer in
MarcellaBella
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Re: Do you need to be preapproved before looking?
Posted by casg
well every agent/broker work differently
ETA i use them now cause i have had 3 offers get denied till i had it and it risked me lossing that house and someone else getting an offer in
very true.. My MIL has been in the business a long time.. she doesn't advertise b/c all her biz is just by referrals alone! so they know that that deal is going go through...
