Okay so I was half ass shopping for homes on Thursday and fell in love with this one home. Offers are being reviewed on Monday. Very little time. I contact a lender, an agent, and a home inspector. Lender promises pre-approval by Monday. We get a pre inspection done on Sat. Start drafting offer with agent. Then I hear from the lender today (sunday evening) that sorry cant pre-approve you. After keeping me on the hook for 2 days he tells me I have insufficient tax history in US (moved to US a year ago). This is something that he checked off earlier saying- wont be a problem. Anyway I'm really wanting to make an offer tomorrow and I dont know what to do since an offer without pre approval in Seattle is a dead offer. Any pointers?
does amazon have a list of recommended lenders curated by employees? if so, call the most recommended two lenders, and see what they can do. otherwise, there are always better homes, dont worry. i have been looking for quite a while and kind of thankful my offers didnt go through.
Will do. Can u plz explain why you are thankful for offer not going thru?
i think mine was a personal choice. wife doesnt have the same taste as i do, and i wouldnt happy with her choices in this case. the reason i am saying dont rush is you will find something yoy want even more, there are many houses in the market and one offer wont make a difference. just make sure yours doesnt take too much time like mine is taking.
You don't really have to write the offer with pre-approval. You can provide other documents like your bank statement and salary slips to convince the seller that you will be able to arrange funds. I would appreciate some details on the house (where, built, area, asking and your offer price etc) thanks
Thanks for the info. Happy to share house seets at Monday EOD
Just having gone through this myself, I think in a multi-offer situation (which seems like every situation in this market), you don't stand a chance without having a pre-approval.
where is it in seattle? how much?
I have a great Lender I worked with to buy my house in West Seattle. If you are still looking for one, message me and I will send you my Lendor's details. I closed in less than 30 days in March.
I would like to second what people wrote. You can use any lendor and not obligated to go with those you got pre-approval. I was using my agent's lendor for pre-approval and then was shopping around for good rates while doing actual closing.
house
what an incredibly useful pedantic correction
it is! Marketers try to make you think that a rotting piece of wood is a home. And everybody buys in to that fucking kool-aid. They even say stupid shit like buying a SECOND home. Like, lolol!! no! It's a fucking house and my mission is to make sure tech people sound less dumb through pedantic corrections.
You don't seem ready to purchase a home, they are not impulse purchases. Wait till you sort your finances before making an offer. Having to back out of an offer is painful and can be expensive. You'll also fuck your reputation as a buyer in that area - which is probably worse.
yeah, that's what strikes me, too. I really doubt OP has figured out PITI for loan amounts and taken a serious and conscientious look at how that rolls into total costs along with utility and upkeep. We make pretty decent monthly salaries to be sure, but not enough that a big house bill isn't going to turn into near-poverty.
If it was me, I'd let this house go and work hard to get a lender who is willing to preapprove. Unfortunately most lender use the same underwriting guidelines from fnma so being rejected by one probably means being rejected by most. There are lenders who keeps the mortgage on their own books who may be more flexible with terms. The other thing is, just as tight one market is, there is always new houses every week ends
Your realtor should have a list of lenders and brokers. Start email blasting
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I started working on pre-approval with a different lender who claims he can do it in a few hours so hoping he will manage to do it by late tonight (sunday) Having to go with a slightly higher interest rate (by 0.2%apr) than if I passed on this home and got pre-approved elsewhere. Am I still thinking sane or is this getting too much?
Lenders can give pre approval in hours. Ask your broker they normally have some contacts. Also u dont have to stick with with the lender you got a pre approval from
Interest rates are not APR. Are you sure you're ready? At least do some more reading to understand what you're doing. What rate (and no I don't mean APR, actual rate) did they quote you? Also, the pre-approval rate quote doesn't matter. You can still shop around, assuming you're waiving financing contingencies, and you won't have a rate locked in until you start the underwriting process and sign a lock-in agreement. Rates vary every day.