Pre-Qualification Letters

Pre-Qualification Letters

A pre-qualification letter from your lender is the only way a Realtor can tell that you’re absolutely serious about purchasing a home. In today’s market buyers are scouting the internet for home purchasing 18 months before being ready to buy. The first thing they do is go to the major sites to look at homes and even contact agents from those sites. They want to see this specific home as soon as possible. This is great and any Realtor is more than happy to help. However it’s a problem when they haven’t contacted a lender.

A pre-qualification letter is the only way we know you’re serious about buying. It means you took the time to do the boring paperwork and spoke to a lender. Most people are afraid that they won’t even qualify for a loan so they don’t bother contacting a lender to see if they qualify and for how much. A pre-qualification letter tells me that you’ve done the work and you’re ready to actually look at homes.

Sellers will want a pre-qualification letter with the offer to know you are serious. You don’t want to to fall in love with a house and not be able to buy it because you don’t have this letter. Not lookie-loo’s or someone who’s thinking about purchasing a home. Qualified-buyers-only. How do you go about becoming a qualified buyer? You talk to a lender and fill out their application either online, over the phone, or in person. Once that step is done they can run some simple numbers and issue you a pre-qualification letter.

Why is the pre-qualification letter so important you ask? First it tells me, as their potential agent, that they did the work to start the loan process. Second, when showing homes and we find that perfect house they want to write an offer on we’ll need that letter to attach to the offer so the listing agent can verify that the buyer will be able to purchase the house using a loan from said lender. If we don’t have the pre-qualification letter then we don’t have an offer we can write. At this very moment the seller, the listing agent, and this market will not wait for you to obtain the pre-qualification letter after you’ve found the house you want so get the letter first.

If you’re looking online to find your future home that’s great news because it means you’ve taken the first step into deciding your wants and don’t wants out of a home. The next step is not asking to see homes in person. The next step is contacting a lender and obtaining re pre-qualification letter. When you have that letter we can see homes in person and make the entire process real for you. When you’re ready to begin looking in person don’t hesitate to contact myself or my team, The Colorado Dream House Team, in assisting you with finding your next home.

Marc Bayes is a Broker Associate with the Colorado Dream House Team, Keller Williams Realty DTC. Contact Marc at 303-619-3052, marc@coloradodreamhouse.com, codreamhouse.com or coloradodreamhouse.com  

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