Unless you have an all cash offer, one of the initial things many people do is to pre-qualify so they know what home price ranges are appropriate that they may be able to get a loan for.
Since your investment is considerable, consulting with a professional licensed Realtor agent is often the path chosen.
Your licensed agent will work with a lender and the seller's agent, and provide property reports with your preferences and in your price range.
Your options include many home viewings with your agent who has lockbox access or can schedule property tours.
Legal binding contract support & complicated transactions can be addressed by your agent and their broker of record.
When your loan is approved & your Realtor has gotten a letter from the lender, you may want to submit an offer.
Are you ready to get seriously excited about finding a new home ? Information
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Pre-Qualifyis to make a full written loan application with a reputable local lender. As a Realtor, I ask clients very early in the home buying process to get this from a lendor that they choose. With so many programs available, it's important to shop around. Talk to the lenders early to help you focus on homes in your price range. Usually a seller expects that your financing has been approved before you submit your offer. I am hoping we can spend our time together looking at homes that you are approved for! Requirements for Pre-Approval Here are some examples of documents that will be required by the lender in order to issue a commitment or pre-approval letter. There may be more documents needed as per situation.
Written loan application
Credit Report reviewed by lender
Verification of Income
Pay Stubs (usually for the last month)
Tax Returns, if self-employed
Verification of Assets by lender
Bank Statements
Lender's Commitment Letter When your full loan application and documentation has been reviewed by the lender/underwriter and are approved, you will receive a commitment letter. Conditions for funding the loan after this lender commitment is made may include items such as: Appraisal, Termite Inspection, Survey, and Title Search.
The Benefits of a Buyers Agent Real estate agents have access to the MLS on a level that interested buyers do not. They can search specific criteria and they can narrow real estate property listing searches by capping the minimum and maximum prices that the buyer wishes to spend. Once homes are selected for viewing, the agent can open lock boxes and ensure that appointments are set up with the sellers of the homes to view the property. A buyers agent assists with the transaction support and complications that may arise. It is important for a buyer to be able to submit an offer in a timely manner as the best properties may sell the fastest.
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