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Thinking of buying a new home in Clarkston or Lake Orion MI? You need to get that pre-approval from your lender very early in the process. Ideally before you even start looking, and for a variety of reasons. Of course there are the same reasons as always– need to know a price to perform an MLS search. Need to know the type of mortgage. Listing agent won’t present an offer without one. All good and valid reasons.

But often times educated buyers have a good idea of what they can afford and even the type of mortgage based on the amount of down payment money they have to work with. So what is wrong with finding a house and calling the loan officer and getting a quick pre-approval? How long can that take? A day? Maybe two days? Maybe even in just a few hours if you are organized and have everything ready to send immediately?

A guess it depends on how strong of a pre-approval letter you want? Or need. Right now if you are buying in Clarkston or Lake Orion you have a 20% or 25% chance of competing against a cash buyer. The odds go up if you are buying a bank owned  home. But the facts are that 19% of all sales in Clarkston, MI in 2011 were cash sales and 23% of all sales in Lake Orion, MI were cash sales.

What’s the difference to the seller you may ask? Either cash or mortgage it is still cash to the seller. And this is true- it is still cash to the seller. But there are no conditions to obtaining the cash in a cash sale. The house doesn’t need to appraise unless otherwise addressed in the offer. The buyer doesn’t need to keep his job or be careful about purchases that may affect his ability to get the mortgage. Cash IS king and when you are competing against a cash buyer you need to come in as strong as possible- and that starts with a strong pre-approval from a dependable lender.

Financing

Writing the Offer

The Home Inspection

Search The MLS

Choosing a Buyer’s Agent

Lake Orion MI Homes For Sale

Clarkston MI Homes For Sale

Jackie Hawley Keller Williams Realty, Clarkston MI

Jackie@JackieHawley.com

Cell: (248) 736-6407

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