Houses can be like a rabbit in a hat. One minute it’s there for the taking the next minute it’s gone. Some buyers struggle with the reality that a home can move off the market that fast. This is the perfect reason why buyers should never wait to be pre-approved by a bank before looking at homes.
Sometimes buyers who have cash on hand and good credit find themselves overly confident that everything will workout in their favor. They already know they have an 800+ credit score and some money stashed away but what they fail to realize is that means nothing unless they have an actual letter from a bank in hand stating they can afford to purchase a home.
Sellers don’t accept offers based on what buyers say they can do. They accept offers based on what a lender says the buyer can afford which is why buyers should never wait to be pre-approved before going to view homes.
In a competitive market buyers from everywhere are submitting offers to sellers hoping to be the winning bid and some of those offers happen to be all cash. If you were a buyer and you went to go view a home on a Saturday that you ended up loving but you couldn’t make an offer until after you were able to secure financing with the bank on Monday that probably wouldn’t put you in the best position to win that home which could be off the market before then.
Buyers must do themselves a favor and be prepared to meet with lenders as soon as time allows prior to going out to view homes. It’ll save you time, gas money, and hurt feelings from losing out on your dream home.