Once I find a house what is the next step since i've already been approved?

Asked by Adrienne Poindexter, Upper Marlboro, MD Mon May 23, 2011

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16
Lanre Folayan, Agent, Washington, DC
Mon May 23, 2011
First of all I want to say congratulatons to you. Its great to hear that you have been pre-approved. But I would also advise you to talk to two more lenders. Shop around and see if you can find even a better rate. If you don't want to shop around thats fine. But if you are going to use this particular lender,if you haven't asked these question already I would highly suggest that you ask him/her questions such as:

1. What Is The Loan Program I Am Applying For And What Are The Terms Of The Mortgage?

2. Are There Any Upfront Fees Associated With The Loan?

3. What Is The Rate and Fees For My Home Loan?

4. What Are The Loan Turn Times?

5. What Are The Required Documentation Needed?

6. If you are a first time home buyer,ask him/her if they are any programs/grants for first time home buyers?

After you have gotten those questions answered,then you can work with a real estate agent. Google "PG County MD Homes for sale" to find a Real Estate Agent that best suits your wants,needs and lifestyle. Much luck to you. Take care.
Web Reference:  http://www.GetDCSold.com
3 votes
Martin H. Th…, Agent, Tysons Corner, VA
Wed May 25, 2011
Adrienne,

You will be a GOD-SENT buyer for any Realtor. Congratulations on getting approved for the loan. The next step is to interview a Realtor that will walk you step-by-step through the process, but also, make you feel very comfortable in the process.

Good Luck & God Bless & Your New Home!

Martin H. Thomas
Avalar Smart Choice Realty
301-442-5721
http://www.buyorsell2day.com
2 votes
Stephanie Co…, Agent, Dunkirk, MD
Mon May 23, 2011
Adrienne:
Congratulations on getting approved for homeownership. Your next step is to find a Buyers agent to show you inventory available in the areas you are interested in and represent you in your contract and purchase. I would be more than happy to send you some listings that fit your needs and price range to get you started. I work with buyers throughout the area in getting them the best deals possible along with closing help so you can keep your money in your pocket.
Oh and by the way depending on your income if you are looking in Upper Marlboro area you can get 100% financing through the USDA rural development loan, again keeping your money in your pocket !! Rates are below 5%.
Please contact me and we can talk further.
Stephanie Corley
Remax 100
420-231-0251
email smcorley@msn.com
1 vote
Jasmine Jack…, Agent, Bowie, MD
Mon May 23, 2011
If you're not already working with a realtor, I highly recommend you find one to help you submit an offer on the house you are interested in purchasing. Once you draw up the contract and submits it to the seller's agent, they review the contract and make a decision on accepting or declining your contract. If approved, then all the necessary contingencies take place. This will depend on your loan and what your contract stipulates. Once this is complete and satisfactory to all parties involved, you will go to closing. If you need further assistance, feel free to contact me, Jasmine Jackson at 301-437-0092, or realtor@jasminejackson.net. Good luck with your purchase.
1 vote
Ron Thomas, Agent, Fresno, CA
Mon May 23, 2011
1.) Don't fall in love with it. 2.) Talk to the neighbors and make sure you want to live there. 3.) Have a Realtor do the Comp's, (Buyer's Agent does not cost you a penny.) 4.) Decide, with the Realtor what you want to offer, plus the details; like Closing Costs, Contingencies, Financing, Inspections; anything that you would include in the Purchase Agreement. 5.) Submit the Offer. The earlier you involve the Realtor, the fewer questions you will have to ask me.
1 vote
, ,
Wed Jun 1, 2011
Adrienne,

Don’t hate me but you are likely not approved. Not even pre-approved but merely pre-qualified.
It's a start though. The three main parts to closing a loan are CIA. Credit, Income and assets.
So did you give your loan officer income and assets? Did they run it thru an automated UW engine? DU/LP
If so and they did their job right as well as pulling credit then you should be fine but only an underwriter not a loan officer can approve a loan. If you are buying a condo there are also other hoops to jump thru. If they did all the credit, income and assets and it appraises you should be fine. Hope this helps and please let me know if you have any questions.
Thanks,
0 votes
Marney Kirk, Agent, Towson, MD
Mon May 23, 2011
Great job on getting approved for a loan! How did you find your house? Did you view it? Your best bet is to have a real estate agent work for you as a buyer's agent. That way you will have YOUR interests represented, just like the seller's listing agent will represent the seller's best interests.
Upper Marlboro is not an area I service, however, I know a fantastic agent in our office there who would do her best for you. Please let me know if you would like her information and I can send it to you!
Good luck, Adrienne! Congratulations on taking your first step to home ownership!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
Web Reference:  http://www.realtormarney.com
0 votes
Akil Walker, Agent, Upper Marlboro, MD
Mon May 23, 2011
Hello Adrienne,

I would recommend you pull the comps or CMA of homes sold and active in the community to determine your offer. If you need assistance feel free to contact me.
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Mon May 23, 2011
Dear Adrienne,

Congratulations on your loan approval. Now you are ready to find the home of your dreams and the best way to do that is to find a Realtor who will not only help you find the right home but will make sure you don't overpay for it.

Best Of Luck,
Judi
0 votes
LaChele Kell…, Agent, Annapolis, MD
Mon May 23, 2011
Adreienne,
Now it's time to find the right Realtor to assist with your search. Have you had a buyer's consultation yet? If there are any questions I can answer call me at 410.908.5434.
LaChele Kellam
0 votes
Melissa Bark…, Agent, Washington, DC
Mon May 23, 2011
You should start talking with Realtors to represent you as their buyer's agent. You should let the agent know what you have been pre-approved for and what you are looking for, so the agent can start sending you possible properties to go and look at. Once you find a property you like, your agent can help you write up and submit an offer to purchase.

Good luck!
Web Reference:  http://www.wdcmetroagent.com
0 votes
, ,
Mon May 23, 2011
I bet you are not as approved as you think. Most loan officers issue pre-approval letters based on what they are told by the buyer/prospect without reviewing a single support document except the credit report. Unless you provided the LO with everything needed to underwrite the loan they are going to give you an approval letter subject to satisfactory review of those documents. If this sounds like your situation back up and start over. Hire a good realtor to help you with the process and then re-apply for financing with the LO your Realtor trusts, teamwork is an important part of the process. Provide the LO everything they need to decision the application before making an offer.
0 votes
Craig Fauver, Agent, McLean, VA
Mon May 23, 2011
Pick a Realtor, set up a time for a consultation, and then start picking out homes to look at.
Web Reference:  http://www.craigfauver.com
0 votes
Donna M. Nor…, Agent, Bowie, MD
Mon May 23, 2011
Hello Adrienne
You are on the right track being pre-approved and congrats on that. I am assuming you are working with a Buyers Agent and have seen the home, looked at comparables and dedcided for sure this is your home of choice? If not you should definately hire an agent to represent you and negotiate the best terms on your behalf. That agent will have to tools to prepare your offer to purchase. If you need an agent feel free to contact me, I have attached my website which has all my contact information available.
Best of luck...Donna Norris
Web Reference:  http://www.donnanorris.com
0 votes
Yolanda Muck…, Agent, Mitchellville, MD
Mon May 23, 2011
Congratulations on getting pre-approved. The next step is to interview real estate agent's to represent your interests as a buyer. If you are not working with agent, please feel free to visit my website at http://www.YolandaMuckle.com. My niche market is Prince George's County with a focus on Upper Marlboro, Bowie, etc.
Web Reference:  http://www.YolandaMuckle.com
0 votes
David Burnham, , Washington, DC
Mon May 23, 2011
Put in an offer! If you are working with an agent, have your agent see the house just to make sure you didn't miss anything. Then sit sown with your agent to write everything up.

If you ar not working with an agent, you really should get one. Their is really minimal to no cost for you and they can help make sure you get the right price and look after your interest throughout the process.

Let me know if I can help at all.
0 votes
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