Fresno Realtor, Joseph Hollak

STEP ONE for real estate buyers

One thing I’ve learned in dealing with real estate, whether it is Fresno investment real estate or your primary residence, is to enter into your project with an absolute plan of action.

Nothing may be more important to your real estate success than to attack your real estate goals with a definite plan before you begin.

If you are looking to add a piece of property to your investment portfolio -or- you are looking to buy real estate for your primary residence, and you are not going to pay cash for the entire transaction (meaning you will borrow money to pay for it), your very first “to-do” item is to get yourself pre-approved for a loan.

I know it may sound backwards to some of you.

Why should I worry about getting a home loan if I don’t even know which home it is I wish to buy?

A valid question for sure, but . . .

GET PRE-APPROVED FOR A MORTGAGE

Let’s say you have gone house hunting first and have neglected to put the pre-approved loan process as the #1 item on your plan of action. You have found your dream home and you love the neighborhood. The next step might be to make an offer.

Here is where the trouble starts.

Your offer to buy the home will be conditional upon you securing financing. Securing financing will take time. Time the seller of the property does not want to wait for.

If you were the seller, and the market is pretty hot with multiple buyers interested in your property, would you want to wait for one of the many to go out and get financing? Of course not.

If you were selling your property, and multiple people were interested, you would want to only deal with those people who are already pre-approved for a loan and ready to buy NOW.

So, make STEP ONE of your real estate buying project to secure financing before you fall in love with a property and make an offer.

Call my office if you need a referral for a qualified, trusted, local mortgage expert.

6 Comments

1. 

   Like it!

   Shelby / 19 Jan 2010 / 10:38 AM

2. [...] a new home or investment property, and you still need to get pre-approved / pre-qualified (it is STEP ONE remember), contact our office and we can refer you to the mortgage expert that fits your situation [...]

   Monday mortgage bonds unmoved | Joseph Hollak / 08 Feb 2010 / 11:16 AM

3. [...] before taking time to look and become emotionally attached to a particular property. This is STEP ONE that a buyer should be [...]

   Debt-to-income ratio defined | Joseph Hollak / 12 Feb 2010 / 10:36 AM

4. 

   FHA loan guidelines are scheduled to change in April 2010.
   
   These changes are significant and can make the difference between you getting the loan and home you want and not getting the loan that leads to the home you want.
   
   If you are considering an FHA loan in the near future, contact Shelby or your trusted mortgage expert and discuss these FHA changes and how they might affect your personal situation.

   Fresno Realtor, Joseph Hollak / 19 Mar 2010 / 12:21 PM

5. [...] STEP ONE for Fresno real estate buyers [...]

   Most popular March articles | Joseph Hollak / 22 Apr 2010 / 10:42 AM

6. [...] Remember, if you are beginning your home search, make sure you read STEP ONE for Fresno real estate buyers. [...]

   2295 East Kelso Avenue, Fresno 93720 by Fresno real estate agent, Joseph Hollak / 08 Feb 2011 / 11:14 AM