Post by: pianoman9701 on April 20, 2021, 02:54:11 PM
Getting pre-approved isn't really too difficult. But in this housing market, it's essential you have your ducks lined up prior to searching or you may miss the dream home you've wanted.
Give me a call or send a PM if you need more information or have questions.
John Wallace
360-771-1914
Post by: Colville on April 20, 2021, 03:25:39 PM
Crazy crap I'm seeing too with no inspections etc. If you have any pull with agents, recommend the go to a pass or fail inspection. Keep hearing of and saw claims where the buyer wants to fix damage discovered.... after moving in! Crazy days in real estate. Best of luck to you Pianoman!!
Post by: pianoman9701 on April 20, 2021, 03:30:50 PM
Two homes in my hood had "sold" added to their signs before the cement was dry on the post. Pre approved is the bare minimum to having a shot right now! One of those listed at 899k the other 625k.
Crazy crap I'm seeing too with no inspections etc. If you have any pull with agents, recommend the go to a pass or fail inspection. Keep hearing of and saw claims where the buyer wants to fix damage discovered.... after moving in! Crazy days in real estate. Best of luck to you Pianoman!!
I'm having the time of my life. Happy customers and just had the biggest month of my working life. I'm very thankful. :tup: :tup:
Post by: pianoman9701 on April 20, 2021, 03:32:20 PM
Two homes in my hood had "sold" added to their signs before the cement was dry on the post. Pre approved is the bare minimum to having a shot right now! One of those listed at 899k the other 625k.
Crazy crap I'm seeing too with no inspections etc. If you have any pull with agents, recommend the go to a pass or fail inspection. Keep hearing of and saw claims where the buyer wants to fix damage discovered.... after moving in! Crazy days in real estate. Best of luck to you Pianoman!!
I saved $450 on not getting the home inspection. Of course, now I'm spending $15,000 on needed repairs... :chuckle:
Post by: jjhunter on April 20, 2021, 03:51:16 PM
Post by: jay.sharkbait on April 20, 2021, 04:42:06 PM
Post by: pianoman9701 on April 20, 2021, 05:57:04 PM
I never put much faith in a pre-approval letter. I’ve had personal deals fall through at underwriting when buyers were “pre-approved”. Cash is the only language I speak. I even put a mandatory lease back provision in my last deal so I had the cash 45 days before I had to move.
It sounds like someone didn't do the legwork. I'm sorry to hear that. If you can pay cash for a home, all power to you. :tup:
Post by: brew on April 20, 2021, 06:37:10 PM
I never put much faith in a pre-approval letter. I’ve had personal deals fall through at underwriting when buyers were “pre-approved”. Cash is the only language I speak. I even put a mandatory lease back provision in my last deal so I had the cash 45 days before I had to move.honestly in this market i wouldn't be concerned if i were selling my house on a "pre approval" deal and it fell through. me the seller wouldn't be out any money (doesn't the buyer have to put down a little cash in the event the deal falls through ?). even if they only put down a couple thousand $$ according to my projections my house is gaining around 20k value every month so if the deal falls through after 10 days i would actually be losing around 10 grand if i sold at the original price rather than re-listing ? My realtor who we worked with buying the property we have and had our house built is emailing us monthly asking if we are interested in selling. Last house she sold had 25+ offers on it the first day it hit the market
Post by: jjhunter on April 20, 2021, 06:57:39 PM
Post by: fly-by on April 20, 2021, 08:39:42 PM
That logic holds up in a perpetually rising market. However in a typical market with ups and downs the seller is giving away a free option to the buyer. Market up, buyer closes. Market down, buyer walks.I never put much faith in a pre-approval letter. I’ve had personal deals fall through at underwriting when buyers were “pre-approved”. Cash is the only language I speak. I even put a mandatory lease back provision in my last deal so I had the cash 45 days before I had to move.honestly in this market i wouldn't be concerned if i were selling my house on a "pre approval" deal and it fell through. me the seller wouldn't be out any money (doesn't the buyer have to put down a little cash in the event the deal falls through ?). even if they only put down a couple thousand $$ according to my projections my house is gaining around 20k value every month so if the deal falls through after 10 days i would actually be losing around 10 grand if i sold at the original price rather than re-listing ? My realtor who we worked with buying the property we have and had our house built is emailing us monthly asking if we are interested in selling. Last house she sold had 25+ offers on it the first day it hit the market
A house is just a financial asset you happen to be able to live in, but the principles are the same as a share of stock.
Post by: pianoman9701 on April 21, 2021, 06:20:56 AM
The problem is, it doesn’t go to underwriting until right before the closing date, so you could be out of your home and off to the next when the deal falls through.
Actually not true. A pre-approval with us goes through AUS (Automatic Underwriting System) before we write the letter. Unless something changes in your credit profile between the time you get the letter and the time you close, nothing should change. The most common problem is people applying for other credit like a new toy, a credit limit increase, etc. Another is people hiding liabilities that don't immediately show up on the credit reports. If you don't tell the truth on a loan application, you'll have problems closing.
Post by: Buckhunter24 on April 21, 2021, 06:29:26 AM
Post by: pianoman9701 on April 21, 2021, 09:35:02 AM