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Closing Cost Help for Buyers of Southern California Real Estate

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Pre-Approval FAQ

 

1.  Why must I be pre-approved before an agent will perform a search?

 

Many home sellers will not consider an offer from a potential buyer that is not pre-approved- because they do not want to risk taking their house off of the market only to have an escrow fall through. It is not unusual in today's market for homes to be sold shortly after being put on the market- sometimes, it has taken less than 24 hours for an offer to be presented and accepted!   Imagine this:  recently a local home (fixer upper) with an appraised value at $330,00 sold for $250,000 to a buyer that was already pre-approved and offered a seven day escrow!  The owner did not want to put any money into the home to make improvements, first time home buyers were looking for a deal- and the quick escrow made the whole thing fly!

 

2. Why don't you just show a list homes for sale?

 

Many homes viewed on popular websites as being available are already sold!  We don't want to mislead any potential buyers and then try to convert them to a "similar" property that is available. When you are referred to your personal agent, they may have a site where you can view updated and current listings.

 

3. What if I am already pre-approved with lender?

 

Indicate that you are pre-approved on your House Hunter form and your personal Buyer's Agent will contact you and will begin working with you to search for your home.

 

4. How do I get pre-approved?

 

You may contact your bank or credit union with whom you already have a relationship or you may complete an online easy pre-application by clicking here.  Your information will be forwarded to a loan officer, and they will not run your credit until they have a chance to speak with you.  After they determine the amount of mortgage for which you may qualify, a loan package is either mailed to your home or delivered by one of their couriers.  Simply complete the forms in the package, gather the documents requested on the checklist, and get the package back to their office either by mail, our courier, or by dropping by.  When qualified, you will get receive a pre-approval letter within 24-48 hours!

 

 

5. I'm not sure I'm ready to buy- or that I can qualify.  What should I do?

 

Again, you can visit your local bank or credit union, or you may call or contact us for a referral by clicking here. Your information will be forwarded to a loan officer who will be happy to answer questions or "run your numbers" for you over the phone and tell you the amount for which you may qualify.