Buying Tips

Do I need a preapproval to just look casually?

We explain the importance of getting some information from a lender before looking at homes.

There are two very simple but absolutely critical rules for buying a new home:

  1. Get pre-approved for mortgage financing.
  2. Engage a Buyer Agent to represent your interests in the transaction.

A lender will need to review your credit, income and debts to determine which kind of loan will be the best fit for you. Not all houses qualify for all loan types, so this is an important first step in a search. Of course, your buyer agent will also need to know how much you can afford to spend.

Find a Realtor who is experienced and with whom you are comfortable. That Realtor will have access to all of the homes on the market – regardless of which company has the house for sale – through the Bright Multiple Listing Service. By working with just one Realtor, you have someone representing and searching for you, always looking out for your best interests. Contacting the listing agent on every house you want to see simply waives your right to your own representation. Wolfe & Company Realtors has no transaction or “junk” fees.

Once you find a house that you wish to purchase, a contract is prepared and the pre-approval letter from your lender must be included. Your experienced buyer agent will advise you on how to structure your offer with price, closing costs, and various contingencies. Remember, when making an offer it is important to get the Sellers’ attention and, in turn, the Sellers’ best response.

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