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If you plan to sell your present property and purchase another, one of the best things you can do is to qualify for a mortgage BEFORE making an offer to purchase. Many lenders will provide a letter which states you are approved for a mortgage not to exceed a certain payment subject to the property appraisal and certain verifications.
Lender letter in hand, a powerful clause may be added to your offer to purchase agreement which states you are approved for a mortgage. The seller recognizes you took the necessary steps too assure yourself and the seller you are a ready, willing and able buyer.
The approval process may be accomplished by phone or in person and generally requires the receipt of an "in file" credit report. Your full credit report must be ordered and costs less than one hundred dollars. The credit report must be ordered by someone, sometime so why not get it out of the way. It amazes me how often a credit problem is discovered that turns out to be in error. It is far better to solve a credit problem early in the approval process then to discover it while you prepare to move. Often all that is required is a letter of explanation to correct many credit history inaccuracies.
In many parts of the country there is a shortage of properties on the market. Whenever a supply of a product is less than the demand for the product, the available products demand higher prices. Said another way, when there are more buyers than products to buy, sellers tend to get their asking prices.
Many times we receive multiple offers on the same property. All offers are presented together and the seller decides which to pursue. Guess who has the greatest chance of consideration, the approved buyer with lender letter in hand or the buyer who thinks they can qualify. Do yourself a favor, before you buy, go through the approval process. I'd welcome the opportunity to suggest several lenders to assist you. Please call my 24hr line at 913-339-0615 or toll-free at 800-391- BEST(2378). X106
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
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