If You Don’t Succeed Try it Right the First Time Or, a Case for Pre-Approval

November 23, 2011

Buying Real Estate, Mortgages

Okay, I am tired of saying NYT.  So now they are going to be referred to as the paper formerly called NYT.  Maybe not.  Too long a name.

I honestly don’t know how Prince did it for so long.  What was I saying…?  Oh yeah, that paper.

After some very careful investigative reporting and fact digging, that paper published an article about mortgage rejectees succeeding after a 2nd or even 3rd attempt to secure a mortgage.

The article then goes on to provide us insightful reasons why this occurs like, well…people save more money for a down payment, or make an effort to improve their credit score.  Wow – that’s really cutting edge, right?

The worst thing that could ever happen to a buyer is to put in an offer on a home, deposit earnest money with penalties attached, only to find out there is a glitch in their loan package that is a deal breaker.


What is the biggest problem with an article like the one I am ranting about?  No, it is not poorly written.  Okay, it is.  But that is not the biggest problem.

The biggest problem is that mortgage professionals, and that means YOU McFly, are not putting the interests of their clients ahead of their own.

The biggest problem with the article in question is that it would not ever be written if mortgage professionals and real estate agents would require any buyer to be pre-approved before making an offer.

Sound novel?  Not really. Being pre-approved would solve many problems not the least of which would be a disappointed if not angry seller.

In fact, if an agent brought me a buyer in this market who was not already approved, I would not even entertain an offer.  It is not real and carries no weight at all.

You need to remember that loan approval is quite subjective and getting it out of the way puts you in a very good position to get the home you want at the price you want.

If you are a buyer and are reading this, ask yourself if your agent has bothered asking you about getting pre-approved.

Appraisal Source is a New York based residential real estate appraisal firm. Their highly-qualified appraisal staff of New York City and Long Island real estate appraisers provide independent residential real estate appraisals for a variety of purposes.

Here’s the original article…Mortgages – After a Rejection

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