Understanding A Preapproval Of A Potential Buyer

Understanding A Preapproval Of A Potential Buyer

Last Friday I met with a new buyer in my office. The meeting is an initial consultation. 

In such meetings we go over everything related to a potential buyer's real estate goals. I leave no stone uncovered. 

We go over everything from what the buyer wants in their new home to their buying power. I even let buyers know I will be reaching out to their lender to go over their loan to make sure I understand and get on the same page. 

I do this for the buyer's best interest. Most buyers do not have the time, patience, or stamina to go to homes only to find out our approach was all wrong. 

And this would have happened with my buyer I met Friday. 

This buyer went to the consultation with her preapproval. I let her know I would reach out to her lender and she said that would be alright.

And I am glad I did. 

After speaking to the lender I discovered the loan she had been preapproved for does not work in New York. Only in Connecticut. 

Had I not had a conversation with the lender prior to looking at homes the buyer and I would have discovered it would have been all for nothing...potentially. 

Her loan granted her a higher purchasing price because of the type. This lender was working with another lender who would be giving her the 20% of the full asking and the original lender was giving her 80%. 

I, for one, was not familiar with such a loan and went into my conversation with this lender with questions about how this loan worked. And in doing so I found out he needs to preapprove her again for a loan that would work in New York. And the lender also let me know her budget may drop. 

Valerie Martinez-Friedberg Headshot
Phone: 914-839-0459
Dated: April 6th 2015
Views: 1,262
About Valerie: ...

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