So you want to buy a home, right? You go out with your agent to look at property. You find one and now you want to make an offer. Your agent submits your offer and the sellers hit you with a dose of reality. They dont want to enter into a transaction with you until they are sure you are qualified. They require you to submit documentation to them as proof. But theres a problem: You never went to a lender before you went looking at homes. Okay, not really a problem, right? You finally go to a lender. He runs your credit, checks your financial situation, and BOOM! You discover you have issues that need to be corrected. By the time you correct them, your dream home is sold to someone else. What were youand your agentthinking? Think this cant happen? Well, youd be mistaken. I have seen this played out in every real estate office I have worked in. Clients insistent they are financially prepared to buy and agents eagerly take them out looking at homes without knowing whether they can complete the transaction. It is really an exciting time when buying a home. It is the ultimate piece of the American dream. From the start of this country, homeownership has been one of the most valued components of being a citizen. But you cant put the cart before the horse. Financingunless you have two or three hundred thousand dollars lying around the houseis probably the most important part of the real estate transaction. To treat it as if it is less important is simply foolish. It must be the FIRST thing you think of when you consider buying a home, not the last thing. But as a professional, your real estate agent should insist that you get qualified for a home before getting you excited about a property you may not be able to own. In todays world, its not that difficult to do. In fact, it could take as little as a few hours to get qualified. Of course, that is as long as everything is in order. And if there are challenges you need to work on, why are you trying to get into a legally binding contractual transaction in the first place? Simply put, if you want to get a home, get qualified first, then go out and find your home. Believe me, the process will be more enjoyable. |
