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willtygart

All Buyers huddle Up

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O.K. guys here is the deal. This is the order in which you need to do things when buying a house. If you flip flop this order you will be going into this unprepared and setting yourself up for failure and an unpleasant experience. I do not care if you have heard from your realtor friends that this is wrong. Always remember the golden rule: "he who holds the gold makes the rules".

DO NOT start by contacting a realtor. NOT one...not any , don't even think about it. Go to a lender first, get preapproved, then APPROVED...and then go shopping. Do not go to a realtor and then try to get financed for it.

What will happen is you will try to get into the home that you fall in love with and for the next week or two both the buyers and sellers agent will bug the crud out of your broker and not allow him to do any work on your file. During this time your realtor will become an instant mortgage wizard and will suddenly confuse you as a borrower as to the way the mortgage business is run.

You MAY not qualify for the house that you fell in love with and in the end it will be the poor broker that gets the blame for it. You will be angry at the broker, go with another broker like your realtor advises, and two weeks later you will be sitting in signing desperate to get the house you love and accept a crummy deal so your realtor can get paid.

I am aware how bitter I sound but this is the way things have to work and I have seen it happen time and time again.

You MUST take the time and get qualified and APPROVED..not pre approved..but APPROVED before you go to a realtor if you want to be in the position of power. The savy car buyer will do the same thing and as we all know money talks. When you hold the gold in your hand BEFORE you start looking I gurantee you your service from the realtors, the barganing power with the sellers, and the feeling of empowerment will make you glad that you did it this way.

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If someone took your info, worked the numbers, pulled the credit, tells you they have you approved at such n such rate for such n such amount of dollars, is that good enough? Is there something more we need to make sure it is actually approved?

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Thats good enough..I mean you can get an approval and it be conditioned to have a purchase and sales agreement, at which time you go find the house and are in control. Hope that answers your question ....I actually might not be on here long, been told having my website on my signature is a no no......and my website kind of goes with me to whatever board i post on. If I do leave good luck and hope I was able to post enough before I left to help out any.

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stay on here, you advice and experience would be most valuable. You can put your address in the profile section. I just viewed your site, is good info. We could use more people like you, firstsource and mortageman....you guys are what makes this place a learning experience and a headache reliever for some.......

josh

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Thanks for the warm welcome, first time I have ever been asked not to state my site on my signature.....my links page will get about 600 more links in the next month that i put on there personally..right now it is very helpful though...yeh..I think I'll stay :wink:

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Thanks for the welcome. I am always available no matter where ya live.......I try to actually POST topics and not just answer questions. I will add some this weekend......great graphics btw.

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Did I read that correctly? I was not aware that you could get approved before you found a house. So do you even have to bother getting pre approved/qualified?

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We did, went straight to the mortgage company, before even starting out to look at a house... wanted to know ahead of time what spending power we had.

I know working in the credit bureau, it gets mighty depressing when the lenders call or the consumers call.. because they can't make their closing dates because of reporting problems.

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Yes you can and should get qualified on a property TBD..to be determained......slick that way and an approval in your hands....wow...I mean....wow........the power.

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All this time I was thinking how great it would be to get approved beforehad! I never even knew that was possible because I read some things for first time homebuyers and it was never even mentioned. Thanks so much for sharing this info!

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