hi all, dh and I wanted to make an offer on a house...I know we are good buyers...have a good down payment, we will definitely be approved by the bank, and we are ready to move at any time (the sellers need to get out of their home fast..can’t afford it).
now the thing is...we aren't in a big rush so we didn’t want to get the full pre approval. This is because we don’t want to be under the gun to find something else very quickly in the event that the sellers reject our offer.
do you think putting in an offer with this stipulation will work--- --if the price sounds great to them we will immediately move on getting our mortgage-?
Thanks!!!
Blu-ize
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Re: making an offer---does this sound ok??
First of all, are they requiring a pre-approval? Did you get a pre-qual yet?
LIbride77
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Re: making an offer---does this sound ok??
we were prequalifed..but i didnt think that would mean much to the seller.
the RE agent said that pre-approval would be a good thing but didn't say it was a requirement. I figured that the RE agent wants us to have one because then she knows we'd have to get moving and the ball goes into her court.
what do you think?
Blu-ize
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Re: making an offer---does this sound ok??
It's always a good idea to get pre-approved especially if you are interested in a specific property. It makes you a better buyer in the eyes of the seller when it's a sellers market. Can you find out how many people are interested? If you don't want to go through with the pre-approval, tell the RE agent that you would be willing to show the sellers your financials in lieu of that.
If I were you are were really interested in the house, make the offer and get pre-approved.
leese
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Re: making an offer---does this sound ok??
i didn't get preapproved and it didn't matter.
diluvchu
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Re: making an offer---does this sound ok??
Honestly, pre-approvals don't really matter. Once they accept your offer and you are in Contract, that is when you need to really focus on obtaining your commitment. You usually have 45 days from the day you are in full contract to get your commitment, so you should be fine. Most banks/brokers do not need this much time. Just make sure that you will be able to afford the amount of the mortgage before putting an offer, and as long as you can you should be fine.
Happy bidding!!!! And Good Luck!!!
WoC2
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Re: making an offer---does this sound ok??
I would get the pre-approval from the bank, then make the offer. The seller will look at your offer as stronger than someone else's offer without a pre-approval. A seller likes to have a little more reassurance before they go to contract. They don't want to be dragged out and then find out that a buyer can't get a mortgage and cancels the contract on them.
Bella Blu
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Re: making an offer---does this sound ok??
Posted by WoC2
I would get the pre-approval from the bank, then make the offer. The seller will look at your offer as stronger than someone else's offer without a pre-approval. A seller likes to have a little more reassurance before they go to contract. They don't want to be dragged out and then find out that a buyer can't get a mortgage and cancels the contract on them.
i agree completely
Beth1210
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Re: making an offer---does this sound ok??
Posted by WoC2
I would get the pre-approval from the bank, then make the offer. The seller will look at your offer as stronger than someone else's offer without a pre-approval. A seller likes to have a little more reassurance before they go to contract. They don't want to be dragged out and then find out that a buyer can't get a mortgage and cancels the contract on them.
I agree- it doesn't take much to get the pre- approval- my Hubby is a mortage broker and do one in an hour
since they can't afford the house- they don't have time to mess around
