It’s become a familiar trend. A move-in ready home goes on the market Friday and by Monday it’s already under Active Option Contract. That’s exactly what happened when Rob Elmore of Dave Perry-Miller listed this remodeled Tudor at 2318 Barberry Drive in Stevens Park Village last Friday. By the time the weekend was over, the sellers had three generous offers in hand.
When Lisa Peters of Caliber Home Loans sent us this home Tuesday for consideration as the sponsored High Caliber Home of the Week, it already had that Contingent banner slapped on the front. But Peters has a great tip for getting a jump on new listings like this Oak Cliff beauty.
“In this hotter than hot real estate market, getting mortgage pre-approval is a critical step in ensuring your success, can set you apart from other buyers, and reassure sellers you’re already one step ahead,” Peters says.
A recent New York Times article confirmed that bidding wars are becoming standard fare for homes in inventory-strapped real estate markets across the country. Among the best strategies for winning a home bidding war? “One of the first and most important steps is getting preapproved for a mortgage,” Vivian Marino writes. “This shows the seller that you’re not only a serious buyer, but a qualified one.”
Peters points out that pre-approval is not the same as pre-qualification. In a pre-approval, lenders such as Caliber Home Loans review your income, assets, and credit scores to determine how much you may borrow with what loan. Pre-qualification is typically a quick estimate for how much home you can afford, based on unverified or self-reported financial information.
Potential buyers who provide an approval letter with their offer are standouts as a result. And for a standout home, like this 1941 Tudor with three bedrooms, two baths, original hardwood floors, and a nearly quarter-acre lot listed by Dave Perry-Miller InTown’s Rob Elmore, you want to be the winning bidder.
For questions about the pre-approval process and to get started, call Sherry Lane branch manager Lisa Peters at 214-763-7931 or email [email protected].
