As REALTORS®, the number one request we receive from the general public is to view listed properties. And why not? The consumer does not have to pay us to show them a property, and when they buy a property through us, we are paid by the Seller of the property they purchase, not the Buyer.
This all makes sense, but here is the challenge — our time as REALTORS® is finite. We cannot possibly accommodate every showing request that comes to us, so we need to carefully qualify the requests to prioritize the potential Buyers who have been financially preapproved by their bank or mortgage broker to purchase in the price range of the property they are asking us to show them.
This is not to dissuade you – just encourage you to ‘get your ducks in a row’ before you call us. Though ‘obtaining suitable financing’ is a typical condition of an offer to purchase, you will only be given 5-10 business days to fulfill this after your offer is accepted, and that time period is not usually enough to complete the whole process if you have not already been preapproved in advance. If you are a serious Buyer, you want to know, in advance of viewings, what price of property the lender will provide a mortgage for, what your monthly payments and expenses will look like, how the lender views your current debt and credit standing, and what the current interest rate is (lock that in for 90 days!). The lender may approve you for even $25,000 more than you thought, which can make a big difference in the condition of the property you buy. Even just $5,000 to $10,000 more can get you a home with an extra full bathroom or a fully fenced yard. An on-line mortgage calculator is just not accurate enough – it only provides an estimate to entice you to contact a lender.
If you want more information about where to start, or would like a referral to a mortgage broker, please call us. As your REALTORS®, we will point you in the right direction, as well as set up automated email alerts to send you property listings that may be a match for your preferences, at least to get you started. The preapproval process should not take more than a few days if you have all the information the lender needs, and then we would be happy to set up a Buyer meeting so we can meet with you in person, and start the process of getting you on your way to your new home!