As we’ve mentioned in recent blog posts, low inventory and high demand for north Atlanta real estate mean that there is a lot more competition between home buyers. With so few homes for sale, north Fulton and Cobb County home sellers are getting multiple offers and are able to be a little more picky when it comes to striking a deal. So how can you beat out the competition and buy the home you love? One way you can increase your chances of getting the house you want is to get pre-approved for a loan.
When you make an offer on a home for sale in Marietta or Roswell, you need to know that the seller will take you seriously. Coming in strong with a solid pre-approval will indicate that you are serious about buying the house and you are prepared to get the process started.
What’s the difference between pre-approval and pre-qualification?
Pre-approval is more meaningful than pre-qualification because it means that your credit has actually been reviewed by a qualified loan officer. A pre-qualification is merely an initial opinion from the loan officer, but that opinion could change upon viewing your full credit history.
Benefits of getting pre-approved for a home loan
So what can you hope to gain from pre-approval? Well, in addition to making your offer look more attractive to a seller who is entertaining other options, there are a few definite benefits, including:
- Budgeting– You can be sure how much house you can afford in order to more effectively conduct your north Atlanta real estate search.
- Less drama– It’s heartbreaking to set your heart on a house only to have the purchase derailed by an unresolved credit issue. Completing the qualification first will allow you to address any problems and move on before you make an offer.
- Speed– By having this step taken care of already, your home buying process will go much more quickly. This also gives you a marked advantage over other buyers. It’s entirely likely that the seller would choose you over other buyers simple because you’re ready to close quickly.