Most realtors agree that the current state of the housing market is one that requires speed if you want to access the best deals. With the rate of foreclosures and bank-owned properties still relatively high, the deals that are out there are certainly worth pursuing—although you have to be quick on your feet (and quick with the paperwork) if you want to catch them.
The way to ensure this promptness when it is most beneficial is simple and it begins when you get an approval letter from a mortgage servicing company. While many businesses might be quick to offer a 30-second approval, these approvals only delay the process when you find the house or property you want. Final approvals, especially on bank-owned properties, require thoroughness, which means that bank statements, tax returns, pay stubs, and credit have all been verified and the client is 100%, without a doubt, approved.
When the right property becomes available at the right price, it goes fast, especially if it is a bank-owned property. Banks seek to find new buyers as soon as possible to lessen the blow a foreclosure has on their own bottom line, but they are also wary of selling the property to a buyer who could potentially be in foreclosure soon after the property is purchased. An approval letter without the necessary steps to ascertaining approval only increases this wariness, and could very well be passed over for an approval that has all the necessary checks and balances already completed.
If you want to increase your chances of getting the home or property of your dreams as soon as it becomes available, getting the right approval letter is a must. It might take a little more time and effort, but will be worth it when push comes to shove and you’ve found the property you want. The work on the front-end will pay off for you when it’s time to close the deal.
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