Experienced real estate agents are often reluctant to ask high-end homebuyers if they have been pre-qualified by a lender. They know that, for many luxury buyers, the availability of cash is not going to be a problem. Yet a pre-qualification letter is a good first step toward a successful transaction.
more> Many luxury homebuyers want to present a letter from their accountant confirming their solvency, but this can work against you by alerting the seller to the fact that you are well able to pay their asking price. It leaves you less room for negotiating the price and terms of the transaction to your advantage.
A better strategy is to become pre-approved by a lending agency that will simply tell the listing agent that your credit scores are acceptable and your cash reserves are adequate. Getting pre-approved guarantees that the lender will provide you with the loan and protect your privacy. The seller and the listing agent do not need to know your true buying power.
For professional advice on all aspects of buying or selling real estate talk to Adrienne Stroock at Prudential Steamboat Realty, 970–846-3590, or 800–430-4121 or visit our website at www.prudentialsteamboatrealty.com. Email her at ams@steamboatareaproperties.com
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