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One of the biggest mistakes a home buyer can make is not getting pre-qualified or pre-approved for a loan before they set out to look for property. By getting pre-qualified, a homebuyer not only knows what they can afford, but it also provides a competitive edge for negotiating. As a serious buyer, you will save much frustration, time, and most importantly money by talking to a lender up-front. “Hot deals” in the real estate market move fast. It's one thing to look for property, but quite another to BUY property. Few sellers will consider you to be a serious buyer unless you have your finances well in order. Most sellers will not entertain an offer unless it’s backed by a pre-qualification from a lender. Typically, it doesn’t take long to get pre-qualified (and many times it can be done over the phone), but preparation makes all the difference if we find the deal of the century! Sales in the foreclosure marketplace can move rather quickly, so it's crucial to secure financing early. Generally, it's best to work with a lender who understands the foreclosure process, and can guide you through certain steps, such as ensuring that a property is FHA-compliant. It should be noted that not all lenders finance foreclosure properties, so you may have to shop around a bit for a lender who does. This is yet another reason why pre-qualification early on is a good idea. Additionally, distressed properties and “fixer-uppers” may not qualify for conventional financing. These properties may have special needs with regard to lending and legal issues. I can recommend resources for these situations. If you don't currently have information on lending institutions, I can offer some recommendations or contact my favorite loan officer at Guaranteed Rate: Jim Finucane
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