Nina Rogoff's Insights on Sharon Real Estate and More!: December 2011

You're Wasting Your Time If You're Not Pre-approved

You're Wasting Your Time If You're Not Pre-approved

Last night I happened to catch part of an HGTV episode about first time hPutting on the brakesomebuyers. In this particular episode, the young buyer was confidently saying that he was going to start looking for a condominium to buy and when he found what he liked he would go to a bank and get pre-approved.

(Screech!!) This is where the brakes get applied!

Let's rewind and fill in what his agent should have explained up front:

1. If you're not pre-approved you won't have any idea how much money you will be able to borrow. How will you know the price range of homes you can consider?

2. When you find your home and submit an offer, the listing agent will tell you, "The seller cannot respond to your offer without a pre-approval." A homeowner is not going to enter into a negotiation to sell their home until they know you can afford to buy it. If you are submitting an offer in a multiple bid situation, your offer isn't going to be considered because you're not pre-approved. Talk about setting yourself up for potential aggravation!

The preapproval process involves providing a lender with your income information including recent pay stubs, tax returns, and information about your assets. The lender will also check your credit score. Based on this information, the lender will determine how much money they are willing to lend you. They will issue you a preapproval letter stating this information. The letter is usually valid for 3 months. This process does not cost you anything. It also does not "lock" you into using this particular lender when you actually apply for your mortgage.

What a preapproval letter does is to put you in a position of strength both for your own knowledge and for the sellers'. Don't waste your time starting your home search without one!

Give me a call at 781-253-3385 if you are looking to buy a home in Sharon MA, Canton MA or the surrounding towns. I'll be glad to put my real estate experience to work for you!

Wishing you a happy, healthy and peaceful New Year!

Call Nina Rogoff, RE/MAX Executive Realty 781-253-3385 to get your home sold in Sharon MA and Canton MA www.ninarogoff.com






Comment balloon 14 commentsNina Rogoff • December 29 2011 05:04AM
You're Wasting Your Time If You're Not Pre-approved
share
You're Wasting Your Time If You're Not Pre-approved Last night I happened to catch part of an HGTV episode about first time h omebuyers. In this particular episode, the young buyer was confidently saying that he was going to start looking for… more
Get Ready For the Spring Real Estate Market NOW!
share
Get Ready For the Spring Real Estate Market NOW! Once the winter solstice (December 22) has passed, and the holidays are over, it's time to focus on getting your home ready to sell in the spring market in Sharon MA and Canton MA. In our local… more
Rockin' to the Maccabeats!
share
You'll be tapping your toes and singing to this great Chanukah music sung by the Yeshiva University a cappella group to Taio Cruz's "Dynamite". Happy Chanukah, to those who celebrate it! Click below for more posts: &… more
What in the World is a Dreidel!?
share
What in the World is a Dreidel!? (pronounced "dray-dle") A dreidel is a 4-sided spinning top with one Hebrew letter on each side. Those Hebrew letters are pronounced: נ "nun", ג "gimmel", ה… more
It's Time to Light the Lights!
share
Chanukah is the Festival of Lights December 20-28, 2011 There are Jewish holidays and holy days and they are observed in different ways. Chanukah is a holiday. The "ch" of Chanukah is not enunciated like "ch" in child, but… more
Professionalism Never Goes Off Duty!
share
Professionalism Never Goes Off Duty! For as long as I can remember, people have been confiding in me. Within moments of meeting strangers, they are often telling me their life stories. I take that confidence very seriously. I learned about… more
Your Home's VALUE, a matter of PERCEPTION. How do YOU see it?
share
Cheryl Dickson wrote a great post that shows how different parties to a real estate transaction perceive the value of a home! This is accurate and quite funny! If you are thinking of selling your home in Sharon MA or Canton MA give me a call!… more
Another Nina Rogoff Pending Sale at 17 High Plain Street Sharon MA…
share
17 High Plain Street Sharon MA 02067 - Pending Sale by Nina Rogoff Offered at $280, 000 4 Bedrooms, 1 1/2 Bathrooms 1, 288 square feet of living space 1. 21 acres 17 High Plain Street, Sharon MA 02067 … more
Bank of America Customer Outreach in Boston MA
share
Bank of America is holding special customer outreach events across the country for mortgage customers who are having difficulty making payments. Please read Christine Smith's post below in which she shares the details. As Christine mentioned, the… more
Why Do Short Sales Take So Long?
share
Mike Linkenauger wrote an excellent and informative post explaining the short sale process. This information will help homeowners understand why the short sale process can take so long, and what they can do to help make the transaction move as… more