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PSA: I just saw a friend's offer get turned down because they didn't have a pre-approval letter ready.
They found a perfect house in Austin, made an offer, but the seller went with someone else who had their financing proof ready to go. Our realtor said in a hot market, that letter is like your ticket to even be considered. How much time do you guys give your lender to get that letter to you after you find a place you like?
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adams.taylor21d ago
A pre-approval is basic homework. Your friend's realtor should have had that ready before they even looked at a single house. Sounds like they got bad advice and are blaming the process.
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brian_kelly9121d ago
But how many first-time buyers actually know to ask for that? Honestly, most people trust their realtor to guide them through the basics. If the pro didn't mention it, the buyer wouldn't even know it was missing.
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