Don't loose your home over searching for perfect loan terms. Make the offer contingent upon financing.
It take 10 to 20 minutes to draft an offer.
Hope this helps.
Since you're referring to an area that is dominated by Condos and Coops, your application package will ultimately require full financial diclosure. There is no "rush" aspect to getting pre qualified as that can take barely an hour of your time with the mortgage lender of your choice. Good luck as you move forward.
Your situation is the PERFECT example why an agent should NEVER take a buyer out to look at home without a pre-approval from a bank. With out a pre-approval, you are NOT a home buyer as your actions have indicated.
Your agent 'took a chance' and got burned. Now, you should go and secure a loan. Be aware, you are not REQUIRED to use the lender who provides the pre-approval.
Your agent will hopefully put this in the lessons learned categoryl
Your research for a lender should have been done BEFORE your started looking for a home. Personally I wouldn't have taken you anywhere without a pre approval in place because from my experience many buyers can afford LESS than what they think they can afford as mortgage guidelines today are extremely rigid. Now, if you don't want to rush, no problem, just don't be disappointed if the house is no longer available by the time you finally get it all together. You clearly are not motivated or ready to buy that particular house.
Aso just to let you know, interest rates change all day long, every day so you can't shop by interest rates.
All the best with everything.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson
Best of Luck,
Century 21 Tenace
Are you pre-approved already? It's unclear.
The first step, before even viewing any apartment is to ask (and get) a pre-approval letter. This letter should be submitted with your offer.
Nicolas Puygrenier Ç€ Licensed Real Estate Broker
Mona Lisa Real Estate Group LLC
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
I would strategically put an offer in that both you and your agent agree on so negotiations can begin while you are handling everything with your lender. Let your agent bring the price down to where financing is easiest for you and the best lending options await you.
Best of Luck,
The seller will not likely take seriously an offer that is not backed by a mortgage pre-approval or at least can clearly demonstrate (has a documentary proof) that you can easily get a required mortgage amount.
Getting a mortgage pre-approval does not make you obligated to go with this particular bank later on if you find a better deal on a mortgage. However, it gives you credibility as a buyer when you make an offer - you should get it anyway, even if you want to keep looking for a better loan program. It only take 1-2 days to get a pre-approval letter.
About making an offer fast - it is up to you to decide if you want this property or don't mind losing it. With a low supply of inventory, good listings don't stay on the market long. Also, many agents told me that there were no offers at all for their listings and then all of the sudden they started getting many offers at the same time. I would say it is better to make an offer, when there is no competition than compete with other offers. Ask your agent for a listing history, how long it's been on the market for and whether they have reduced the price, etc. to see how motivated the seller is. Also, ask for a comparable market analyses to come up with a good idea of the price range in the neighborhood, etc.
Good luck with the mortgage pre-approval and with the offer!
Stop looking. Get together with your banker, mortgage broker or mortgage banker and put yourself in the correct position to make a bid.
The mortgage broker/banker of my choice is Brian Tom email@example.com 516-941-0213. Brian can help you position yourself to make the right offer.
You didn't mention you were looking to buy in a high-end Manhattan neighborhood, comprised mostly of condos and co-ops...with some townhomes thrown in the mix.
Buying a co-op in the city is challenging enough. Navigating through the board requirements takes verve and an experinced agent.
You sound rather naive for someone looking to buy in that high priced area - so, if that really is where you are buying, you better stop and do your due dillgence before moving forward.
I am also surprised a Manhattan agent would take the time to show you properties, without being pre-approved, as there are strict financial requirements if co op boards are involved.
You should discuss this with your Realtor or if you're not comfortable with your current Realtor, find one you trust.
Basically, though, you answered your own question - you said: " I want to wait until..........etc.".
Ok - so wait!
I don't know how long you have been looking, or how comfortable you are with the buying process as yet......but no agent should rush you into makinf an offer.
That being said - it shouldn't really take that long to speak with, and be pre-approved by a lender, especially if you're working with an agent who can recommend some good mortgage reps.
I do suggest you use someone who is referred to you.
Overall - you may just not be ready to move forward, and that's ok.
It's fine to take your time before you jump in with an offer......just make sure you won't regret holding back if the house sells before you're ready.
If it does - there will always be another house!
Only you can tell if you're ready.