Should You Pre-Arrange Financing?
What are sellers most concerned about when considering an offer?
Besides the price you’re proposing, they’re typically most worried about the deal falling through due to financing issues. That’s the nightmare scenario for many sellers. They think the sale is done and then a few weeks before closing they find out the buyer couldn’t get an appropriate mortgage.
That’s why having a pre-arranged mortgage when shopping for a condo makes so much sense. The seller will have confidence in knowing you won’t likely have any last minute financing issues.
In fact, when considering multiple offers, a seller is much more likely to see your offer as attractive if they know you already have financing arranged. Indeed, some sellers may not even consider offers if there is doubt around financing.
The good news is, getting pre-arranged financing is fairly simple. In many cases it only takes a few days and will greatly improve your chances of getting the condo you really want.
If you need help in getting pre-approvals done, feel free to text me, email me or call me.