This first step in buying a home is setting up your wallet (getting a loan pre-approval) so that when you go shopping, you can actually make bids on anything you like. For cash buyers, you just need to print a bank statement balance showing enough funds and have it ready.
Why should I go through this hassle first?
Here’s the analogy I like to use, if you’re going out shopping on Black Friday, you wouldn’t leave your wallet at home. Because someone else will likely snatch it up while you’re just browsing with no wallet.
In real estate, it’s the same thing. There’s lots of people shopping and chances are, if you really like a house, someone else will really like it too. If they have their wallet and you don’t, guess who gets to bid first and probably take it off the market?
That’s right 🙂 they do. I’ve seen a lot of people get really sad that they’re too late to bid when they don’t want to prepare their loan approval first. Please don’t be that person.
How long does it take to get a pre-approval?
Meeting a loan officer for a pre-approval is a fairly quick process that gives you more peace of mind when you go shopping.
It can be done in an afternoon. Usually all it takes is a quick phone call and dropping off or e-mailing a few financial documents to a loan officer.
For some more specifics on getting a loan pre-approval, please read my article here.
How long does it take to get my bank statements?
Getting bank statements for a cash purchase is even easier. Usually you can either log in to your bank’s website and download it as a pdf or drop by your local bank to request a copy of your bank statements.
Ready for the Next Step? Click here: Step 2: Tell Your Agent What You’re Looking For
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Leng Lim
Las Vegas Real Estate Specialists
702-343-2670