Archive for January, 2008
5 Reasons to Get Preapproved for A Chico CA Real Estate Home Loan
January 23rd, 2008 Categories: Anatomy of a Chico CA Real Estate Transaction, Chico Buyers
A question that is commonly posed to me by Chico Buyers looking for a new home is, “Why do we need to be preapproved for a property?”
Looking for a little approval? by Mike Wiegert, Broker Chico Homes
Many buyers question this common practice and even resent that their Realtor would suggest the necessity of being preapproved. But in the real estate world there are significant reasons that a buyer would want to get preapproved. The bottom line is that even though many of us want to give the benefit of the doubt, people just don’t really trust other people that they don’t know. Having stated this basic premise, here are some important reasons to get preapproved for a mortgage before you make an offer on a home.
1. First and most important is that the preapproval process allows a buyer
to really know what price range he or she should be looking in or what
they realistically can afford. Who wants to make an offer on the home
of your dreams only to be turned down by a lender for reasons such as
insufficient income, poor credit or maybe an inadequate job history. I
promise, you’ll sleep much better if you know what you can afford and
that you can actually get a loan.
2. As a buyer you will be infinitely more comfortable to the Seller if
your offer is accompanied by a preapproval letter from a reputable or well
known lender. This is especially true if you are competing against other offers. If all offers are the same, I can guarantee that the offer that has a preapproval letter attached will be the winner. Also, if the home is offered as a foreclosure by a lender, that lender will probably not even consider your offer if it is not accompanied by a preapproval letter.
3. Preapproved buyers are able to close their escrow more quickly. I recently had a client call me two weeks before her home, which is in foreclosure, was due to go to sale. By the way, if you’re in foreclosure, don’t do this. Foreclosures don’t go away by themselves so call a trusted Realtor or attorney to weigh your options. Luckily, one of my agents had a preapproved buyer interested in purchasing a home in the price range and area of this home. Because of the preapproval, the buyer was able to close the escrow just two days prior to the foreclosure sale. So if you’re in a hurry to get in your new home or you have a Seller that needs to close quickly, being preapproved can really be an asset.
4. Besides minimizing the uneasiness of not knowing if you can qualify, you’ll know what loan programs suit your particular needs. There are literally hundreds of loan programs and a skillful loan agent or broker can really tailor a loan that not only gets you into a new home, but can solve many other financial problems as well.
5. Lastly, your lender will give you a written good faith estimate of closing costs and fees so that you will know exactly what you’re going to need to close your new home. With interest rates well into the fives, it’s not only a great time to buy, but a fantastic time to get yourself preapproved.
Need a recommendation for a reputable Chico lender? I would be happy to assist you!
More on prequalification:
What is the Difference between Prequalification and Preapproval?
Why Should I Get Preapproved for a Chico, CA Home?
Paperwork you need to get approved for a CA Mortgage
Your Chico CA Loan Application- It’s Not THAT Hard!
Lenders beware: How to lose a Chico, CA Realtor (and therefore buyer) in 3 days
| Discussion: 5 Comments »
Chico Real Estate: What happened to prices in 2007?
January 22nd, 2008 Categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
Chico CA Real Estate Prices History Comparison 2005-2007
Misery loves company, or so the saying goes. It’s the only explanation for the dismal outlook many folks have when discussing the Chico real estate market. While it’s true that prices have come down from the record highs of 2005 and 2006, it’s safe to say that we fared pretty well compared to many of our California neighbors. If Chico Realtors have said it once, we’ve said it a million times: REAL ESTATE IS LOCAL!
The chart below compares average asking prices and sold prices for single family, residential properties in the urban Chico area.
| Discussion: 2 Comments »
Chico Listings Sold Week Ending 1/19/2008
January 21st, 2008 Categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
Chico Residential Listings SOLD!
$450,000 1635 LAZY TRAIL DR 2330 sqft
$210,000 220 HENSHAW AVE 1110 sqft
$452,000 35 WESTGROVE CT 2307 sqft
$350,000 2657 LAKEWEST DR 2087 sqft
$340,000 7 REDEEMERS LOOP 1881 sqft
$332,000 429 CHESTNUT ROSE L 1705 sqft
$305,000 1812 HERON LN 1731 sqft
$413,000 925 DIAS DR 2240 sqft
| Discussion: 2 Comments »
Chico CA Real Estate Market Report for Week Ending 1/19/2008
January 20th, 2008 Categories: Chico CA Real Estate Market Stats, Chico CA Real Estate News
Chico real estate market data.
I’ve always found real estate market reports to be really dry reading… but many of you potential Chico buyers and sellers have been coming to my blog looking for this type of information, so here you go!
The following represents the market data for single family homes only. Chico areas covered are 1A to 1F, as provided by the Sierra North Valley MLS.
| Discussion: 3 Comments »
A Day in the Life of a Chico Realtor
January 17th, 2008 Categories: Just for Fun!, My Opinion on Things
“Chico CA Real Estate agent“…
There are days, like today, when I feel I have the greatest job in the whole wide world. Other days I seriously have to wonder, but today was a good day, so we’ll keep our focus there. I truly enjoy the work I do when I have the opportunity to connect with people and make a real difference.
Read the rest of this entry »
| Discussion: 4 Comments »
