There's little I can add to the great advice and sound reasoning provided in the following blog by Jane Peters, Los Angeles Real Estate, Power Brokers International.
What I can tell you as a Mortgage Lender is this ... obtaining a mortgage in this current market, has become an increasingly multi-faceted and detailed thing. Because of that fact, any potential home buyer needs to seek out and work with a knowledgeable, experienced mortgage lender with a high and established successful closing rate. Working with this lender, and an experienced agent will improve your chance of successfully purchasing a home immensely ... on time, and at the most beneficial interest rate and mortgage program possibly.
Not take the time to be pre-approved or pre-qualified, and you run a very high risk of losing out on the chance to view a home .. or lose valuable time to other already pre-approved buyers on a home you love.
In the Los Angeles area, Jane Peters is the real estate professional you should contact to find the home you dream of. Heed her sound advice and follow her guidance, and you will soon find and be the owner of that home.
I was just approached by a potential buyer, enquiring about a Los Angeles home for sale.
My first question to her was whether she had spoken to a lender. Her answer was no. I told her that she needed to do that before starting the process of buying a Los Angeles home. Her answer: "I just don't want to talk to a lender and not find a home. So I figure I could just work backwards."
We do not work backwards when buying a Los Angeles house. We look and work forward. The very idea of working backwards is a negative one. The only thing that will happen is you will trip and fall.
No good Realtor® worth his or her salt is going to work with you if you are not pre-approved/qualified by a lender and you do want to be represented by a good Realtor® who is going to look after your best interests.
Why do you need to be pre-approved/qualified before buying a Los Angeles house?
In the best of times you need to find out how much home you qualify for. And especially in today's lending environment. Unless you are an all cash buyer you are going to have to jump through several hoops before a lender is going to give you that all-important mortgage. What you consider credit-worthiness and what the bank considers credit-worthiness are two totally different things.
I am sure you will find a Realtor® who will work with you, but why would you waste your time looking at homes which you cannot afford? Wouldn't you rather spend your time making your search a realistic one. If you start looking at homes above your price range and fall in love with one, unless you come up with the difference in cash you are not going to get it. And then you will be disappointed when you start looking in a lower price range.
What if there is a home on which you want to make an offer at the same time as others want to make an offer. They are pre-approved and you are not. Who do you think is going to get the home? Not to mention that even if you are the only one making the offer it will not be accepted without a pre-approval letter from your lender.
If you are serious about buying a Los Angeles home you are going to have to talk to a lender one way or another, so why not do it in the right order. First. That is the only way the process will work.
Buying or Selling Los Angeles Real Estate
Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you're new to L.A. Town. You'll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs! When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available. If you are an absentee owner, you'll need someone to handle all the details that you can't handle remotely. That's where I come in - I'm there when you can't be. I also specialize in lease property in Los Angeles. Westside Los Angeles Real Estate, including, but not limited to:
- Westwood Real Estate - Westwood single family homes, Westwood condominiums, Wilshire Corridor condominiums, Century City condominiums
- Brentwood Real Estate - Brentwood single family homes, Brentwood condominiums
- Santa Monica Real Estate - Santa Monica single family homes, Santa Monica condominiums
- Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
- Culver City Real Estate - Culver City homes
- Silver Lake Real Estate - Silver Lake single homes
- Echo Park Real Estate - Echo Park homes
For more information on how I can best serve your Los Angeles real estate needs, don't hesitate to fill out the contact form or give me a call at 310-473-6919.
Jane Peters, connecting you to the L.A. real estate scene
Buying or selling real estate in Los Angeles can be an overwhelming process. Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.
Search Homes for Sale in Los Angeles
Los Angeles Lifestyle Home Search
Search Homes for Sale in Beverly Hills|
Search Homes for Sale in Brentwood
Search Homes for Sale in Culver City
Search Homes for Sale in Silver Lake-Echo Park
Search Homes for Sale in Santa Monica
Search Homes for Sale in Venice CA
Search Homes for Sale in Westwood-Century City
Other Los Angeles Communities
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Now on Skype! 630-219-1316
