Being Prepared for a Bidding War - Get PreApproved! submitted by Kelly Decker
Being Prepared for a Bidding War – Get PreApproved May 14, 2021 Admin It’s no secret: It’s a seller’s market here in the DFW area. As fast as a For Sale sign is hammered into the front yard, even before in many cases, multiple offers are hitting inboxes – triggering coldblooded bidding wars between homebuyers-to-be. The frenzy is made even worse with existing inventory shortages. What does this mean for potential homebuyers in the Greater Dallas Metro area? You might be able to save your place at the head of the bidding line by getting prequalified AND preapproved for a mortgage. Prequalification Getting prequalified for a mortgage is only the beginning. It’s a simple process that just takes a few days for a lender to look at your overall financial picture like debt, income and assets. It doesn’t involve your credit reports. The prequalification process is just a peek at your situation to give the lender an idea of how much loan you are likely to qualify for. Pre-Approval The pre...
