Learn Some Shit About Real Estate in 60 seconds
001: What is a pre-qualification letter or pre-qual?
So say your ready to buy a house, a lender will take a look at your finances:
“Hey Mr & Mrs Homebuyer you can buy a house for $xxx,xxx. Your payment will be x. Your interest rate will be x.”
Now with that letter you get with someone like myself, or anyone at The Templeton Group, and we go shop for your dream home. We find it, we write an offer and now the seller knows we can perform.
“Hey ABC company gave these fine buyers $xxx,xxx to buy this home”
Tempe how important is a pre-qual really?
IT’S SUPER NECESSARY — If you don’t have cash, which is totally normal, not many people just have $300,000 laying around.