What could a mortgage preapproval letter and the guy from Psycho possibly have in common?
My very smart friend Eric Michael who is an awesome Realtor in Metro Detroit recently wrote a post titled “It’s a loan officer, not a serial killer” about buyers calling us and not understanding why we real estate professionals always ask the following: “Have you spoken to a loan officer?” or “Do you have proof of funds?”
Eric goes on to explain in detail why we want to know if you have the ability to pay before setting up appointments. Waiting until you’re prepared before viewing homes is always a good idea and it isn’t just for our benefit – it’s mainly for yours. What you think you might qualify for and what you actually DO qualify for can be two very different numbers.
The market is changing especially here in Cape Coral, FL. As a buyer you need to be prepared to make an offer immediately and to know your financing limits. Once you add taxes and insurance into the equation the payment you believed to be so affordable might be anything but.
Read Eric’s post – I couldn’t have said it any better.