Why Do I Need a Pre-Approval Letter

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You need a pre-approval letter to let everyone involved in your real estate journey know that you can afford a home, and how much of a home you can obtain a loan for.There are over 20,000 homes listed with Realtors at any given time. We don’t need to be looking at $250,000 homes if the lender says you can only borrow $220,000. While that may not seem like much of a difference, it could be about another 2,000 homes that need to be eliminated. In addition, more and more, sellers do not want people coming into their home that are curiosity seekers, or people who really don’t plan to move for another 6 months but want to get some “ideas”. Sellers make arrangements to be out of the home while you are looking. They get babysitters, lock up their pets, move their stuff, and have to present their home as if they actually live like the photos shown on the cover of Southern Living magazines. This is very inconvenient and stressful for their children and pets. After you have done this about 10 or 15 times, it really starts to wear you down. All professional Realtors try to be aware of this and only show to people who are seriously interested in their home.

In addition to the above, I list a LOT of homes and I am in a lot of multiple offer situations. If an offer is presented and there is no pre-approval letter with the offer, it is going to the bottom of the pile. A seller should never quit marketing his home if he doesn’t even know if he has a buyer that is able to obtain a loan.

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