We have always been proponents of getting your mortgage pre-approval at the beginning of your home shopping experience. Knowing how much you can afford to spend, what type of loan products are available to you, and what the limits on seller assistance might be are all incredibly important when it comes time to make an offer on a home you love.
Luxury clients are used to having to show a pre-approval letter or proof of funds prior to viewing high-end properties, but that practice has now trickled down to even the most affordable of homes.
Why is pre-approval so important?
With a statewide stay at home order in place and social distancing an absolute must, REALTORS aren’t willing to scrub up, leave home, and put on gloves, booties, and a mask for anyone that’s not qualified to make a purchase.
Sellers aren’t very keen on allowing unqualified buyers into their properties, either. We’re not going to ask a seller to leave their home, invite people in, and have to sanitize when it’s over without that letter.
In New Orleans, the police department has actually set up checkpoints to stop folks traveling and remind them of the stay at home order, so if you’re out and about, it shouldn’t be because you just want to take a peek into a cute house you saw online!
Be prepared to share your pre-approval with your agent
Not only are we asking you to arrive at showings with your own mask and no children, but we’re also going to want to see that pre-approval letter before taking you into anyone’s home. We will give you the same consideration as a seller if you have a property to sell first!
Will this be the new norm?
Who knows? Open houses have gone virtual, as have a large number of showings. 3D tours and floorplans are more important than ever in giving buyers all of the information they need to decide to view a house in person. And the mortgage approval process can also be done virtually, so there’s no reason to head out there unprotected.
Have questions about buying a home during COVID-19? Get in touch and we’ll help you out.