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If you plan to sell your present property
and purchase another, one of the best things you can do is to qualify for a
mortgage BEFORE making an offer to purchase. Many lenders will provide a letter
stating you are approved for a mortgage not to exceed a certain payment subject
to the property appraisal and certain verifications.
Lender letter in hand, a powerful clause may
be added to your offer to purchase agreement which states you are approved for
a mortgage. The seller recognizes you took the necessary steps too assure
yourself and the seller you are a ready, willing and able buyer.
The approval process may be accomplished by
phone or in person and generally requires the receipt of an "in file"
credit report. Your full credit report must be ordered and generally costs less
than one hundred dollars. Someone must order the credit report, so why not get
it out of the way. It is amazing how often a credit problem is discovered that
turns out to be in error. It is far better to solve a credit problem early in
the approval process then to discover it while you prepare to move. Often all
that is required is a letter of explanation to correct many credit history
inaccuracies.
In some parts of the country there is a
shortage of properties on the market. Whenever a supply of a product is less
than the demand for the product, the available products demand higher
prices. Said another way, when there are more buyers than products to
buy, sellers tend to get their asking prices.
Many times there are multiple offers on the
same property. All offers are presented together and the seller decides which
to pursue. Guess who has the greatest chance of consideration, the approved
buyer with lender letter in hand or the buyer who thinks they can qualify. Do
yourself a favor, before you buy, go through the approval process. Call a
RE/MAX Best Associate to suggest a lender to assist you.
Whether
you’re thinking about buying or selling or seeking information, rely on RE/MAX
Best Associates 800-391-BEST(2378) or 913-345-BEST(2378) to provide accurate up
to date information about the marketplace. info@kansascityehomes.com www.kansascityehomes.com