- If you haven’t been pre-approved, I can refer you to someone who can help. Pre-approval is important.
You save money. Pre-approval locks in current interest rates. If the rates go up, you get the lower rate that you were quoted. If rates go down you get the new rate.
- You have a clear idea of what you want to spend. You avoid looking at less expensive homes that you’re thinking you might have to settle for and, even more importantly, you won’t fall in love with a home you cannot afford.
- You avoid unnecessary expense and disappointment. Finding a home in Campbell River takes time and energy. Once you’ve made the offer, negotiated an agreement, done the research, spent the money for an inspection and envisioned your new life in a house you love, having the deal fall apart when the bank says ‘No” can be particularly upsetting. Those dreams you had for the house will be hard to let go of, and the houses you look at later never seem to measure up to the one that got away.
- It strengthens your bargaining position. Campbell River home sellers will see your offer as a strong one if the financing is in place.
- It is respectful of sellers. Sellers clean their homes, take the kids and the pets out in the rain so you can view their home, and get their hopes up, thinking you just might be the person to buy their home. The seller will look for feedback. Did the buyer like the home? Will an offer be coming in? Sellers are disappointed when the answer is no but are upset if an offer was never a possibility because the house is outside of the buyer's price range. Sellers expect their Campbell River REALTOR® to protect them from this type of unnecessary stress by ensuring the Buyers who come through the home are qualified to purchase. People who are just curious, love looking at houses or are just looking for decorating tips are welcome at open houses, not private showings. Be aware of what your lender means by "pre-approved". If your lender didn’t check your credit rating, didn’t get employment documents from you and hasn’t asked you to sign an application, you AREN'T pre-approved.