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05-04-2008, 01:24 PM
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GreekChat Member
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Join Date: Jul 2007
Location: Out in Left Field
Posts: 7,544
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Quote:
Originally Posted by aggieAXO
I am just curious as to why pre-approval status does not make a difference? When I sold my house my realtor only considered offers from those that were pre-approved.
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It's a Realtor-thing. Many of them t hink they are wasting their time (remember Commission only) if their buyer is not pre-approved. Pre Approvals are NOT required to put in an offer.
I've known of many buyers to be pre-approved for hundreds of thousands more than they can really afford because the LO told them they could afford $XXX, when much less was more realistic. Often, these are the people who end up losing their houses when the market turns. Our Loss Mitigation Department hears so often, "well the lender pre-approved me for that much".
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Last edited by Benzgirl; 05-04-2008 at 01:26 PM.
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05-04-2008, 11:50 PM
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GreekChat Member
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Join Date: Aug 2001
Location: loving the possums
Posts: 2,192
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Quote:
Originally Posted by Benzgirl
It's a Realtor-thing. Many of them think they are wasting their time (remember Commission only) if their buyer is not pre-approved. Pre Approvals are NOT required to put in an offer.
I've known of many buyers to be pre-approved for hundreds of thousands more than they can really afford because the LO told them they could afford $XXX, when much less was more realistic. Often, these are the people who end up losing their houses when the market turns. Our Loss Mitigation Department hears so often, "well the lender pre-approved me for that much".
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I was able to lock into an interest rate before I bought my house. This was in 2003 so maybe things have changed? Real estate was moving really fast here in Austin at the time so if you were not pre approved it was less likely that your offer would be taken seriously or even at all. When I put my house on the market I sold it within 24 hours-I would not have even considered a buyer that was not pre-approved. Things have definitely slowed down though.
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05-05-2008, 01:15 AM
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GreekChat Member
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Join Date: Jul 2007
Location: CA central valley, and way too far from ocean
Posts: 353
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Please be realistic. If your income doesn't add up for the home, don't try it and save. I am saying this because I will be packing after moving into a condo owned by my roommate. Her loan wasn't on a fixed rate, gambled on things going well, and her business caved in, so the condo goes, too. Her chaos isn't something she bothered to mention before I moved in. The place went on the market this week. If you can't afford it without involving others as far as bringing in roommates, wait.
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05-05-2008, 08:20 PM
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GreekChat Member
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Join Date: Jul 2007
Location: Out in Left Field
Posts: 7,544
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Quote:
Originally Posted by aggieAXO
I was able to lock into an interest rate before I bought my house. This was in 2003 so maybe things have changed?
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Yes, everything has changed. We use to have a "lock and shop" program, which allowed you to lock in your rate without a property. However, the broker (wholesalers don't deal directly with the borrowers) would be penalized if they didn't produce a loan within 90 days. Typically, these rates were not great since the hedge on a 90-day lock is much riskier than a 30-day lock.
We discontinued the program before the market went south because pull-through was so low and we were losing money on the hedge. Often, borrowers just can't find a house (or make up their minds) in a particular timeframe.
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When did GC become Twitter?
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05-06-2008, 11:22 AM
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GreekChat Member
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Join Date: Jun 2003
Location: West ByGawd Virginia
Posts: 675
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Update- I flew to West Virginia last week, and the husband and I house hunted for a day. We were not pre-approved at that time, but did it the next day. We found a house we loved! We started the bidding on it last week, and just found out this morning that we got it!!
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My Sisters Are My Anchors!
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05-06-2008, 12:41 PM
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GreekChat Member
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Join Date: Mar 2000
Location: Kansas City, Kansas USA
Posts: 23,584
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Quote:
Originally Posted by JennRN
Update- I flew to West Virginia last week, and the husband and I house hunted for a day. We were not pre-approved at that time, but did it the next day. We found a house we loved! We started the bidding on it last week, and just found out this morning that we got it!!
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Congratulations and hope the % rate was reasonable! 
It is nice to prop you feet up in your own little nest so to speak!
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05-06-2008, 12:49 PM
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GreekChat Member
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Join Date: Mar 2005
Location: Roaming around Disney World
Posts: 1,719
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Quote:
Originally Posted by JennRN
Update- I flew to West Virginia last week, and the husband and I house hunted for a day. We were not pre-approved at that time, but did it the next day. We found a house we loved! We started the bidding on it last week, and just found out this morning that we got it!!
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Congratulations! Good luck with your home inspection and closing! 
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“All his life he tried to be a good person. Many times, however, he failed.
For after all, he was only human. He wasn't a dog.”
― Charles M. Schultz
Warning: The above post may be dripping in sarcasm and full of smartassedness.
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