The Spring Market is Coming!
You see it all the time. An excited buyer loves the place I’m showing off at an open house and just can’t wait to put in an offer. As the conversation progresses, I find out they haven’t been pre-approved by a lender for a mortgage. With no proof of financing, most buyers, unless they plan to buy in cash (RARE!), have no way to place an offer. It frequently is a surprise to buyers that, these days, sellers generally won’t accept an offer without proof of a pre-approval. The lender’s view addresses the strength of the offer being placed and shows the seller that this buyer can close the deal.
According to this article, more buyers are getting their ducks in a row and getting a pre-approval before starting house hunting. That way they’re ready to jump once they find their “Forever Home”. In the recent market, houses were coming under agreement in days after being listed, so speed was essential to securing a buyer’s dream home.