ADVICE FOR BUYERS
Prepared! If you are out shopping for real estate, remember that you are
competing with other buyers. This is still a "seller's market." The
demand outweighs the supply. There continue to be at times multiple offers on
the same property. You need to position yourself as eminently qualified for the
pre-APPROVED for a loan, and then go shopping. It should be like having cash in
hand. When sellers are entertaining multiple offers at about the same price, it
is the most qualified buyer that will prevail. "Pre-APPROVAL" is also
very different than "pre-qualifying".
"Pre-qualified" is a lender's evaluation of your purchasing
power based on un-verified preliminary information. A pre-qualification
certificate may not be worth the paper it is written on. Sellers working with
competent agents will know this. Be careful! not all lenders have the same
definition for pre-approval. Sometimes what they are calling a pre-approval is
a pre-qualification in disguise. You want a pre-approval with an UNDERWRITER'S
COMMITMENT for a loan. To get the house you want when competing with other
buyers, you want "teeth" in your offer. Be ready with your loan.
consultation or a free property evaluation, call John Puhek. Simply phone 760.591.7400.