Whenever you take on a task that’s unfamiliar there’s a good chance of a misunderstanding or two. Buying a home is no different. Two common sources of misunderstandings involve the loan and homes for sale.
You may think that since you spoke with a lender and they told you that you are pre-qualified for a loan of $XXX,XXX then you are all set. They may even have given you a letter saying this. In fact, a pre-qualification is only a starting point. The lender needs your recent documented financials to determine your situation at the time of the inquiry. You will supply your 2 most recent pay-stubs, last two W-2s, last 2 tax returns, and last two bank statements. Together with your permission to run your credit, the lender will be able to determine how much of a loan can be made.
As it can take a while from this point to when you find a home you like and the seller accepts your offer, your financial situation can change. You may have signed up for a new service, or bought/leased a car, or run up your credit card. Anything you do differently from your routine will change your credit profile. This, in turn, changes how much loan you qualify for. Perhaps even if you qualify.
Homes For Sale?
From the earliest days of the internet it has been said that whatever you’re looking for can be found on the internet, whether it’s true or not. This is especially true of searching on-line for a home. You can be intentionally misled and other misunderstandings center on what you’re seeing.
Some websites will post homes for sale that haven’t been for sale for quite some time, even years in some cases. Other websites may simply be slow to update their databases. So you can see a home for sale that actually accepted an offer a few days or weeks earlier. A realtor can help you avoid these stale listings by giving you direct access to the Multiple Listing Service or MLS as it is often referred to. The MLS is the central database of homes listed by realtors and home-builders here in San Diego County. You can browse such a website at SunnyHomeForYou.com . If you want to save yourself some time and aggravation, speak with a realtor to flesh out your needs. They will send you listings of homes that meet your criteria as the homes become available.
You can avoid these and other misunderstandings simply by talking to Realtor. Even if you don’t feel ready, a brief chat can help. You will be surprised at how may ways such a discussion helps. I regularly help people find a faster way to qualify for a loan, even when the down-payment is lacking. Contact me at 760 622 5087 and I will do the same for you.