As a Central Florida Home Buyer - Do I get "Pre-Qualified"or "Pre-Approved"?
Do you want to get the best Orlando home you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a Bay Hill home seller.
Orlando Home Buyer Pre-Qualification - It's Worthless!
In years past, Homes for the Good Life clients were directed to become "pre-qualified" by a Orlando mortgage lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are now, WORTHLESS, and here's why!
Orlando Home Buyers - Get Pre-Approved!
None of the information has been verified! Often times-unknown problems surface! Some of the problems I've seen include recorded judgments, child support payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc. So the way to make a strong offer in today's Orlando real estate market is to get "pre-approved".
A Powerful Orlando Home Buying Tool - Loan Approval!
This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon I recommend all my Homes for the Good Life home buyers have in their negotiating arsenal.