Why should I get pre-approved before I find a house?
There are two reasons to get pre-approved. Many banks and mortgage companies will offer this service at no charge or at a minimal fee. It should be a quick and easy process with the exchange of basic information from you, including employment history, prior real estate ownership, current debt, etc. Based on this information, a lender can tell you what type of finance programs you may qualify for and what your BUYING POWER is.
You will benefit in two ways without obligation to return to this lender for a loan. First, you will know with confidence what price range of properties you should be considering. Secondly, once you find a property and wish to make an offer on it, you may want to include the fact that you have been pre-approved. It says to a SELLER that I am sincere and have done my homework to initiate the loan process. This could give you an advantage over another offer.
How do I know the listing price is a fair price?
Ask your realtor to perform a market analysis or BPO for you. This will show the selling price of similar properties in the area of the property you are interested in. While no two properties are the same, adjustments are made for the differences. Ask your agent to do this for you. It is always advantageous to work with a REALTOR familiar with their market area.
Should I make improvements to my home if I plan to sell it?
Some improvements offer a better return on your investment than others. Depending on your area of the country, values placed on ammenities vary greatly. There are many low cost or no cost changes that you can make that will make your home sparkle and shorten selling time. We have a "Selling Tips" Guide to help prepare your home. Just ask your Vail Realtors agent.
Once I find a property, how long before I can move in?
Possession is always negotiated, but the loan,inspection, and title process , under normal circumstances ranges from 21-45 days for conventional type loans.
