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Here's an important tip: You'll be in a much stronger position to purchase a home
if you've already been pre-approved by a mortgage lender. In the next few
paragraphs, I'll explain why it's so important - not mandatory or required, but very important.
When you find a home that you want to buy, you and your realtor must
submit a detailed purchase offer to the seller of the property. Of course, I hope that I'm
the realtor preparing and submitting the offer for you, but the same procedure applies
for all Pennsylvania realtors.
The Pennsylvania "Agreement For The Sale Of Real Estate" is typically eight
or more legal-sized pages long, and there are also
many other notices and forms that you must submit to the seller. On the
first page of the agreement, you state the amount you are offering for the home,
and how you propose to pay that amount to the seller.
Imagine for a moment the you are the SELLER of a very nice home in a
desirable area, that the home is "priced right," and that two or more
prospective buyers have submitted offers to buy your home. Their offers
are almost identical, but one of the prospective buyers has a Commitment Letter
from a lender showing that he has already been pre-approved for a
mortgage. All other things being equal, if YOU were the seller, which of
the two offers would you accept?
Obviously, the prospective buyer that did not have a mortgage pre-approved is
going to be disappointed - the home he wanted to buy was sold to a more
qualified buyer.
By the way, it's not uncommon for a seller to get simultaneous multiple offers
like this if the home is "hot" or "desirable" and is "priced-right" and in
a sought-after location. I've frequently
marketed homes as the
seller's realtor and received multiple offers, and many other times I've represented buyers where we had to compete
with several other prospective buyers for the same house.
So do yourself a favor - get pre-approved! I can help you get the
mortgage process started while I'm searching for a home that meets your exact
specifications. Call me, Joan Seward, “The PA Real Estate Lady,” and I'll be happy
to help.
New! Joan's home-buying and selling tips - a new one every week!
Tip #1 - Get Your Mortgage Pre-Approved - The Lender
Commitment Letter
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