Can't find a home

[Anonymous]

I am so frustrated right now.  There is nothing out there to buy in the area we are shopping.  We went to an open house Sunday on a property I was really excited about only to find the house had structural issues and had been peered.  I walked into a bedroom and could tell it slanted but forgot to take a pool ball with me (if it isn't level, it is going to roll).  The listing Realtor could have told me then that there were issues that had been resolved (not in my opinion since it sloped so severely), but it took my husband inspecting the kitchen floor for her to give up the information.  I am afraid to get pre-approved and then not be able to find a property.  

Can anyone tell me how long a pre-approval can be extended and what type of fees are there to do this?  How expensive are they?

This will be our last home purchase, so I don't want to settle.  There are no lots for sale in the area so building is pretty much out of the question. 

[Anonymous]

Pre-approvals are good for 30 to 90 days depending on who your lender is.  There is no fee.   Ask your lender.  

[Anonymous]

Personally I would not be looking if you aren't preapproved!  If you are stressed about preapproval then you need to check that off before looking. 

[Gunnar419]

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@Anonymous wrote:

Personally I would not be looking if you aren't preapproved!  If you are stressed about preapproval then you need to check that off before looking. 

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But then poor OP will just be stressed about the preapproval running out before she finds something.

I don't think there's anything wrong with going to open houses, looking at online real estate listings, etc. before preapproval to get an idea what's out there in what price range. Only place that would be a problem is if the market is so hot that you have to be ready to move the instant something good goes up for sale.

But yes, OP, once you're seriously ready and have an idea what the market is like, get yourself a preapproval.

[ezdriver]

The anxieties expressed by the OP are not unusual in the home-search/home-buying process. One cannot let those anxieties get the better of them if buying a home is the important objective. Simply say NEXT! and move on the next possibility. Also, I would not be shopping with a preapproval. No pain...no gain!

[Anonymous]

The best thing OP can do is request a closing date 60 days out.   That alone will save alot of anxieties.   

[Anonymous]

I guess OP is in an area where they can look at houses, put an offer without a preapproval letter.  That is great!  Not the case where I am at.  Every MLS listing has specifics about preapproval letter along with offer in my area.

[Revelate]

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@Gunnar419 wrote:

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@Anonymous wrote:

Personally I would not be looking if you aren't preapproved!  If you are stressed about preapproval then you need to check that off before looking. 

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But then poor OP will just be stressed about the preapproval running out before she finds something.

I don't think there's anything wrong with going to open houses, looking at online real estate listings, etc. before preapproval to get an idea what's out there in what price range. Only place that would be a problem is if the market is so hot that you have to be ready to move the instant something good goes up for sale.

But yes, OP, once you're seriously ready and have an idea what the market is like, get yourself a preapproval.

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OP can always get another pre-approval letter after the first one.  From personal experience, the second one is WAY easier than the first haha!

@OP: Go get a preapproval now in my opinion, it's a big step in the mortgage world and I'd do it before shopping even though I think in California for example you have 3 days after acceptance to get a preapproval; fact is everyone has been socialized that "preapproval is better than prequal!" so might as well just go do it to make your offer look prettier when you do find a house.  Small details can matter when we're talking offers as S10 has brilliantly espoused previously.

Since you can't sort your interest rate until you get an offer acceptance anyway, there's really no harm getting one now.

[StartingOver10]

Agree with the above.

The benefits to getting a pre-approval are:

• You know the maximum amount you can spend and can look at properties from zero (lol...) to the maximum approved value. This way you don't fall in love with something that is over your desired budget
• It costs you nothing to get a pre-approval
• It costs you nothing to get another pre-approval if you don't find a property during the time you are looking
• If some item pops up during the pre-approval process you can take care of it immediately without the stress of being under contract and missing any deadlines that may be written into the agreement
• A pre-approval shows the seller you are ready to do business and not just a looky-loo
• In a seller's market the well priced properties move very quickly - sometimes in a day or two. You could very easily miss a property that you desire and that iis in budget if you don't have approval in hand.

The reason to not get a pre-approval before shopping - none that I know of...

[Anonymous]

I totally agree with what everyone else has said, get an approval letter. Did mine online very easy and was good for 60 days. I also had a hard time finding the right house. Ended up expanding my search area before I found the right place. I definitely saw my fair share of structural issues along the way. The que ball is a nice trick, personally I wouldn't worry about anything you can't eyeball though...no such thing as a perfectly level floor.