Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval

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Sacramento agents have required that every purchase offer must be accompanied by a loan approval letter before they will submit the offer to possible home sellers. This is a practice by realtors not just in the region but almost every agent all around the country. They require a loan approval letter with offers.

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Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval

  1. 1. Mistakes Sacramento Real EstateHome Buyers Make When Obtaining Loan Approval ©www.DavidYaffeeTV.com
  2. 2. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval Sacramento agents have required that every purchase offer must be accompanied by a loan approval letter before they will submit the offer to possible home sellers. This is a practice by realtors not just in the region but almost every agent all around the country. They require a loan approval letter with offers. ©www.DavidYaffeeTV.com
  3. 3. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval According to a realtor, you can make your loan approval letter mean more than you have applied for a loan, and the letter can give the seller solid reasons to accept your offer. Or, your loan approval letter can give the seller reasons to reject your offer. ©www.DavidYaffeeTV.com
  4. 4. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval There are common Loan Approval Mistakes and these are the following; Submit a Loan Approval Letter From an Out of Area Lender -- I have heard from an agent that they feel comfortable if they know the lender who has prepared the loan approval letter. ©www.DavidYaffeeTV.com
  5. 5. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval Meanwhile, they get nervous if the lender isnt local because they dont know if the lender will perform. Lets face it, there are a lot of fly-by-night mortgage lenders in business, and some make outrageous promises to borrowers that they never intend to keep. ©www.DavidYaffeeTV.com
  6. 6. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval They figure by the time the borrower is ready to close, the borrower will have no option but to meet their new terms and conditions, but many borrowers instead walk away from closing. Realtors said that it puts a home buyer at an extreme disadvantage to submit a non-local lender approval letter. ©www.DavidYaffeeTV.com
  7. 7. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval If home buyers encounter difficulties with the loan, its not like they can lean across a desk and grab their mortgage brokers throat. Instead, they must glare at their monitor and furiously pound the keyboard or continually push redial on their cellphone. ©www.DavidYaffeeTV.com
  8. 8. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval A major problem is choosing a knowledgeable appraiser. Out-of-area lenders generally have no personal experience with an appraiser they pluck out of the phone book and may hire an incompetent appraiser who can mess up the appraisal and blow the deal. ©www.DavidYaffeeTV.com
  9. 9. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval Submit a Pre-Qualification Letter Instead of a Preapproval Letter -- It is said that prequalification letters vary in verbiage, but most of them say the mortgage broker or loan officer has received a loan application from the borrower. Period. They may or may not have reviewed a credit report. ©www.DavidYaffeeTV.com
  10. 10. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval The letters also state there is no guarantee that the lender will make the loan. A preapproval letter, on the other hand, speaks volumes. Preapproval letters say the borrowers file has been submitted to underwriting and approved. ©www.DavidYaffeeTV.com
  11. 11. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval It means the borrowers credit has been reviewed and found to be acceptable, the borrowers employment has been verified and the borrowers assets have been substantiated. Submitting a preapproval letter means the borrower is fully qualified to purchase the home, subject only to an appraisal and title work. ©www.DavidYaffeeTV.com
  12. 12. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval Submit a Loan Approval Letter for More Than Your Offer Price -- Lets just wave a flag in the sellers face that says, "Look at me. I can pay more than my offer price." Thats how sellers interpret a loan approval letter in excess of the purchase offer. ©www.DavidYaffeeTV.com
  13. 13. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval They dont think its nice that the borrower is qualified for a higher loan amount because they immediately want to put some of that money into their own pocket. The seller needs to know that a home buyer can afford the mortgage that the buyer is proposing to obtain in the purchase offer, and not a penny more. ©www.DavidYaffeeTV.com
  14. 14. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval It is best for a home buyer to seek help from a real estate agent to avoid mistakes in common loan approval. Home buyer may ask guidance from real estate agents and apply their advices to be able to avoid encountering real estate problems in the long run. ©www.DavidYaffeeTV.com
  15. 15. Mistakes Sacramento Real Estate Home Buyers Make When Obtaining Loan Approval Looking for the most trusted and well known professional in Sacramento Real Estate? Look no further! David Yaffee can help you in virtually ALL your Real Estate in Sacramento needs. If you have more concern in Real Estate Sacramento just visit my site and call me. ©www.DavidYaffeeTV.com
  16. 16. Mistakes Sacramento Real Estate HomeBuyers Make When Obtaining Loan Approval Brought To You By ©www.DavidYaffeeTV.com

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