It’s endlessly important to speak with a lender and secure financing before making an offer on a home, and today, I have a story that illustrates this point perfectly.
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Unfortunately, I have a pretty rough story for you today.
I have a client who has been very excited about buying a home here in Minneapolis, and we’ve looked at several properties. We advised this client to get themselves in a position to be ready to make a purchase.
Recently, we looked at a great property that we thought would sell very quickly, so we wanted the client to make an offer quickly. Unfortunately, they weren’t in the position to make an offer because they hadn’t established their financing and they hadn’t talked with their bank about funds.
Sadly, a number of buyers made an offer on the property before we even had an opportunity. Now we’re back to the drawing board.
It’s never too early to have a conversation with your lender about financing.
That’s why I advise everyone to have a conversation with their lender, mortgage broker, or banker before shopping for a home if they’re going to make a cash or financed offer. Not only is this conversation free, but getting to the point where you’re ready to go with an offer is worth its weight in gold.
If you need a lender, I have a number of great lenders I can refer to you at any point when you’re ready. It’s never too early to have this conversation, and it can give you peace of mind knowing when you’re finally ready to pull the trigger on an offer.
If you’d like a referral for a great lender or you have any other questions about buying or selling a home, give me a call or send me an email soon. I’d be glad to help.
