From Prequalified to Offer Accepted: What Homebuyers Need to Know (Workshop Replay)

If you’re thinking about buying a home, there’s a lot that happens between casually getting “prequalified” and having your offer accepted. This workshop replay walks you through that entire early phase of the homebuying process—step by step—so you know what to expect, who’s involved, and how to position yourself as a strong buyer.

Below, you’ll find the replay of my Home Buying Workshop: From Prequalified to Offer Accepted, along with highlights and key takeaways from the class.

👉 Watch the full workshop replay below:

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How to Improve Your Odds of Getting YOUR Offer Accepted

How to Get Your Offer Accepted to Buy a Home in WashingtonThe housing market in the Pacific Northwest remains competitive with the continued lack of inventory. Homebuyers need to be patient and prepared for the process to possibly take a while.

 Here are some actions that you can implement to help improve your odds of having your offer accepted over other offers. [Read more…]

Visiting Open Houses? You Need to Be Fully Preapproved

pre-underwritten preapproved homebuyerIt’s fun to visit open houses on the weekends. You may be picturing yourself living in the home, enjoying the backyard or perhaps making a few home improvements to really make it “yours”.

If you’re even thinking about buying a home, I strongly encourage you to get fully preapproved before you find yourself at an open house wanting to present an offer.

Here are some steps I recommend for anyone considering buying a home. [Read more…]

What’s the Difference Between being Pre-Qualified or Pre-Approved for a Mortgage?

Do you know the difference between being prequalified or preapproved for a mortgage?

This short video reviews the importance of being preapproved.

If you are currently preapproved with a lender, I recommend making sure that your preapproval has been underwritten by a “human underwriter” and not just “AUS” (automatic underwriting i.e. a computer). [Read more…]

The Seattle – Bellevue – Everett area named as a Top 5 Place to Sell Your Home

Wall Street Journal’s Market Watch has named the Seattle – Bellevue – Everett area as one top five markets in the nation for selling your home. From the article:

Homes are flying off the market in Seattle. Listed properties spent a median of 56 days on the market as of January, down 38% from a year ago, according to Realtor.com. That’s almost half the median time homes are listed nationally….

….buyers have been left with a smaller number of homes to bid on, which in turn encourages multiple offers on properties that can push the purchase price higher than the asking price, experts say. There were fewer than 4,000 homes for sale in the Seattle metro area as of January, down 44% from a year prior, according to Realtor.com. [Read more…]

Are you really preapproved or just prequalified for a mortgage? Part 2

preapprovalA preapproval is the next step after becoming prequalifed.   Essentially, this means that you are supplying all of the documentation that is required to support your loan scenario.   Everything you have told the Loan Originator needs to be backed up for a “full doc” loan.   The mortgage originator will review your supporting documentation  (W2s, paystubs, asset accounts, credit report—tax returns if you’re self employed or paid commission…etc.) and make sure that they have a strong file for the underwriter.   Once you have selected your mortgage program, your information is typically submitted to an AUS (automated underwriting system aka a computer) which produces “findings”.   The findings detail what type of documentation is required for the loan approval.   Sometimes the findings will require less or more documentation than a mortgage originator has obtained. Different lenders may have their own underwriting overlays in addition to what the AUS has provided.

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Are you really preapproved or just prequalified for a mortgage? Part 1

I Spy FisheyeThere’s quite a difference between being prequalifed for a mortgage and preapproved.   The letters that Loan Originators provide when requested for a prequal or preapproval may appear very similar.  In fact, I’ve talked to borrowers on the phone who thought they were actually preapproved, when all they really had was a rate quote worksheet or possible a good faith estimate from a lender.  A good faith estimate, loan estiamte or rate quote worksheet are not a commitment to lend and do not indicate that someone has been prequalified.

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