How much of your finances do you tell your Agent?
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It always humours me when I’m dealing with a newer client and when I ask them if they’ve been to the bank or have talked to a mortgage broker, most all seem to get defensive…like, “Of course I have the money!” Maybe it’s my approach.
It seems to me in that moment that either the buyer thinks that the question is too personal, over the top and not part of the real estate equation or that I’ve picked them out of a crowd and questioning their self worth. It’s a question I HAVE to ask and need to know for many reasons. It IS part of the real estate equation and a big part of it. It’s the deciding factor, the guts, the know all. And it’s not about |
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whether or not you can afford it, it’s about how much the bank is prepared to lend you, at what rate and for what type of building.
Real estate agents need to know if you’ve been pre-approved for these reasons:
Your benefit:
Writing the offer
Something you might not know as a buyer is that when the offer is written, the realtor will be filling out a mandatory Annex A, which is all about the financial part of the deal. On it it will state how much of a deposit you will put down, the mortgage amount, the interest rate, the term and amortization length. Your realtor will also be calling the banker or mortgage broker when the offer has been accepted to pass on all the neccessary paperwork. Also, since getting the mortgage is on a short timeline, your realtor should be on top of things, making sure there aren’t any delays.
If there is a time delay, it just might not sit well with the seller and your deal could lapse.
So the next time you want to start working with a realtor…just remember, there aren’t anymore financial secrets.
I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444 or EMAIL ME!
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