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Buying or Selling a Home/Do we need to get preapproved?
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Question
My husband and I are going to buy my mothers house. We aren't going through a realtor so we do realize we need to hire a real estate lawyer but my question is do we need to get a preapproval? We got one about 6 months ago before we decided to purchase my moms house. We know that we can afford my moms house and she knows we're serious about buying. Should we still get a preapproval just to make the loan process go more smoothly? I just don't want to get a credit check on our record if we don't need one. Thanks so much!
Dear Dawn;
If you are going to get a loan the bank will do a credit check regardless of whether it is now or after the loan application is done. Pre-approval is usually done so that the sellers feel confident the the Buyer is qualified before they take their home off of the market and sign a contract. Since it is your mother, perhaps she doesn't need reassurance that you can afford the home. However, the bank that provides the loan will want to make sure that you are qualified and will look at your credit as well as your ratios carefully to determine how much you can borrow.
Best wishes,
Jessica Bryan
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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