When you are new to the process of buying a home, it is easy to jump into the process much the same way you might have bought some of your other major purchases in life. You go looking at the product first, and then go figure out how to buy it, similar to when you walk on a dealership lot and buy an automobile.
The major difference in real estate is that the loan process is much more extensive and by the time you go through the steps of getting approved, the home you have selected has been bought by someone else. Thus in Real Estate, we have buyers get pre-approved before shopping for homes.
There are many reasons for this, but the common ones are the fact that the loan approval will determine the value of a home one can purchase. It will also sometimes determine what types of home you can buy, and where it is located. Being new to the process, a prospective home buyer is not going to know all of these things.
This is why you need to work with a Realtor, and find one that can listen and understand
your basic needs. A Realtor usually has local connections to reliable lenders that can make the pre-approval process easy.
Preparing to buy a foreclosure is important because there is a lot of interest in these discounted properties. However, one cannot submit an offer such a home without something in writing that says you are pre-approved. So this should create a sense of urgency on getting the steps of pre-approval out of the way before shopping for houses, as it is the essential first step.
For help in the Southwest Michigan area with the home buying process, you can call me direct at: 269-441-8182 or contact me through my website at: www.michaeldelaware.com.