My Irvine-based lender friends, Bob and Katie Howe, are once again surveying the Orange County real estate market and letting me know what they've found out.
What they tell me is that as the real estate market heats up, prospective home buyers are finding that competition for desirable listings is heating up as well.
Multiple contract presentations have again become the norm in many areas of the country. It is common now in South Orange County that when a home comes onto the market, the listing agent receives five to ten offers on it within a few days, especially if the home shows extremely well and bears a market-driven price.
Find out what's happening in San Juan Capistranowith free, real-time updates from Patch.
So how do you make YOUR offer stand out?
In order to have the best chance to purchase a home, it makes sense to present yourself in the best light to a seller. Getting a solid pre-approval will put you in a position to do exactly that.
Find out what's happening in San Juan Capistranowith free, real-time updates from Patch.
What is a "solid" pre-approval?
A pre-approval lets the seller know that your full credit package has been reviewed and approved by a qualified underwriter.
This is in comparison to a pre-qualification which represents an opinion from a loan officer in which all facets of the credit package have not been reviewed.
The advantages of a pre-approval?
There are several advantages to getting yourself in the right position to purchase:
- No second guessing. You will know exactly the price of the home you can purchase.
- Smoother sailing. Any potential problems such as credit issues can be put to bed before the contract is proposed.
- Less stress. You will have 98% of the paperwork of the loan process out of the way before you purchase, making the home buying process much less stressful.
- Less time. With only an appraisal needed to complete the process, you can go to closing more quickly. This gives you an advantage over the competition for a home.
- More negotiating power. You will stand out from competitors who are not prepared. Those others can't compete against cash offers--thus you will stand alone in this regard.
Obtaining the home of your dreams at the price you desire can't be left to chance. With the help of your Realtor, a pre-approval will give you the help you need to be successful. Source---The Hershman Group.
Questions? I WELCOME your questions on ANY facet of realty, equity marketing, basic and complex 1031s, rentals, commercial. Contact me at my South Orange County realty web site, or Debbie@DebbieFerrari.com, or 949-463-4111.
