Getting pre-approved before going House Hunting in the Greater Houston area

If you don't consider getting pre-approved before going house hunting in the Greater Houston and surrounding areas, then consider it as if you are going shopping without your wallet!

By getting a pre-approval before starting your house search in Greater Houston Area, you will be able to determine the following : 

• How much you can qualify for.

• How much of a monthly mortgage payment you feel comfortable with.

• Type of Loan you are qualified and estimated down payment (FHA, CONV, VA…)

• Estimated closing costs.

• Estimated funds need it to set up escrow.

• If you qualify for any type of down payment assistance if need it and available.

• Credit status or repair if need it.



In Greater Houston Area Real Estate Market there is a lot of investors and cash offers. Your offer will appear stronger with a pre-approval letter attached to it.

The worst thing that could happen is that you fall in love with a house for sale and you lose your chance because another pre-approved buyer submitted an offer for that house before you could get an approval. In Greater Houston area market you need to be prepared and ready to submit an offer if you find the house for sale of your dreams. Greater Houston area  Real Estate Market moves very fast and you have to be prepared to go with it.

Thinking of buying in The Greater Houston Area

There is the misconception that because Real estate market has been hit hard, you could buy a dream house for a steal, which is in part true if, we compare house prices in Houston to what they were at a few years back.

House prices in Greater Houston Area are still affordable, even thought inventory has increased, prices have started to go up slowly and steady. The fact is we are still experiencing multiple offer situations in majority of the properties in The Greater Houston Area market. If you are thinking of buying in Houston Area A few things to consider:

• If you love the house….probably other people love it too, so offer accordingly.

• If you are paying cash for the house, It's not advisable to ask for closing cost to be paid by the seller, instead reduce the offer price in the amount of the contribution you need.

• Do not ask for closing costs to be paid by the seller, with so many cash investors or just others competing for the same property, willing to pay their own closing cost, this will put you at disadvantage.

•  If you are financing, regardless of the program (FHA, VA, Conv…) no bank will let you borrow more than what the house appraises for, so if you really like the house and want so submit an aggressive offer, make sure you have the funds to come up with the difference between your sales price and appraised value of the house,  and most importantly write a clean offer.

• Jump to it, if you want to take some time to discuss with family members do not take days, houses are going fast in The Greater Houston Area.

For any specific questions about The Greater Houston Area Market you can Ask me a Question.

Foto: Images of Money on flickr