Tag Archives: pre approval letter

You want to buy a house. Step 3 – Determine market value

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Step 1 – Get your pre-approval letter from your lender

Step 2 – Look at houses in your pre-qualified price range

Step 3 – You found a house you like and you are ready to submit an offer.  Rick and Sharon will help you determine the fair market value for the house you wish to purchase. They will do ‘comps’ in the area to find out what other properties of like size, age, location, and amenities have sold for in the past 6 months. You will want to consider the average, high, and low price per square foot of the sold properties and compare those same numbers to the property you want to purchase.

To find price per square foot:

  • Divide the home’s price by the number of square feet to figure its cost per square foot.
  • The formula is: Price / Square Feet = Price Per Square Foot. Ex: $132,000 / 1250 sq ft = $105.60 per square foot.

Step 4 – The offer.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

 

Steps to Home Ownership – 1 and 2

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It’s fun to start looking at houses but before you can put in an offer you will want to have a pre-approval letter from your lender. So Step 1 is talking with your lender and finding out what you will qualify for or what amount the lender will loan you to buy a house. Getting your pre-approval letter will also inform you of the type of loan you qualify for and how much money you will need for your down payment.

Now we are ready for Step 2 and can start looking at houses in your pre-qualified price range. We will look at houses that meet your list of wants and needs but we’ll also recommend that we go outside the box a little bit so you’ll have a good idea of what’s available in your price range. We are very patient and will show you houses until you find the right one.

Ready for Step 3?

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

First Time Homebuyers – Pre Approval Letter

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letterWhat does it mean to have a pre approval letter? Most of the time when you submit an offer on a house you will need to show you qualify for the amount of money you are offering. Obtaining a pre approval letter means you have met with a loan officer who has gone over your credit files and has determined that you can afford a certain amount for a home loan.

The pre approval letter is not a final loan commitment but it shows that you are able to buy the property for the amount offered. Many sellers do not want to accept an offer and take their house off the market if they are unsure if the buyer can afford the purchase.

So one of the beginning steps in purchasing your first home is to find a lender you are comfortable with and get a pre approval letter.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information.