Now that you've been pre-approved, you and your agent can focus on finding a property that meets your needs. I will be advising you at every step aong the way; whenever you see a home in which you are interested, please call me so I can update the spreadsheet with that home's home price and current interest rates.
Pre-Approval Letter
It's very important to have an excellent pre-approval letter from a local lender. I have seen many pre-approval letters from Banks that state, "The borrower is pre-approved subject to verification of income, assets and credit." A generic pre-approval letter lik that doesn't make the sellers feel confident about your ability to close escrow.
I write a detailed pre-approval letter stating that you are fully approved and ready to close escrow quickly. My letter contains current interest rates and the property address that you are bidding on. I don't disclose your top price range in the event your offer is below what you are actually qualified to purchase. This ensures your maximum negotiating advantage.
I will also let the sellers know if you are in a position to write an offer with no financing contingency. This could make your offer stronger and put you in the winning position on a property where the bidding is competitive.
