Maple Valley, WA

When you present your preapproval letter to the listing agent does it help, or hinder your chances of getting an accepted offer? Financing preapproval letters are widely dismissed by the real estate industry as not being worth the paper they are written on. The reason is there are no consequences for the loan officer who issues a preapproval letter and is unable to follow it up with a full approval. It's especially true in this market when underwriters (the people who actually approve your loan) are under strict scrutiny and are nitpicking every detail of every potential loan looking for potential problems.

This is also the result of earlier years when loan officers were disinclined to spend allot of time getting initial approvals and would produce letters like flyer's knowing some would stick. I'm not throwing good loan officers under the bus here. This was a market reality born from too many poor loan officers and fickle buyers who would drop you for a $20 difference in closing costs.

Here is the verbiage from a B of A Approval letter;

Not too inspiring. My first reaction as a listing agent was B of A? I have the unfortunate task of dealing with them daily on short sales. I recovered from the initial reaction and had a few questions.

1. Did the buyer actually make a loan application?
2. Has the credit been pulled and reviewed?
3. Have they provided bank statements and other required documentation?
4. Has the buyer provided income verification yet?
5. Do they actually have a loan program picked out yet?
6. Do they actually meet the underwriting guidelines for that loan program now?
7. Has an underwriter actually looked at the file or has the loan officer talked to an underwriter regarding this file.

This example instills no confidence that anything has been done beyond a phone interview from a too big to care banks call center. It's not really worth the paper it was written on.

In order for your pre-approval to have some weight have your loan officer include the following elements;

1. A statement that loan application has actually been made.
2. Income documentation has been provided and reviewed.
3. Asset documentation has been provided and reviewed.
4. Credit has been pulled and reviewed.
5. Based upon the provided documentation the borrower meets the underwriting guidelines for the FHA/VA/Conventional loan program selected.
6. There are no outstanding issues that would prevent the borrower from obtaining a loan (like a bankruptcy).

The typical disclaimers are going to follow but at least the listing agent reviewing the letter knows the buyer has actually met with the loan officer and brought bank statements, pay stubs and other basic documentation in for review. It is more of a hassle for the borrower to provide this information but it demonstrates they are more serious, committed and thoughtful about what they are doing. In the current real estate and lending market this carries allot of weight with regards to how your offer is viewed.

If you really want to have your letter seriously considered have a well known, veteran loan officer take your application and put their name to the letter. Bringing in a computer generated pre-approval letter from some online lender is not going to help your offer get accepted and suggests to the listing agent that you are not serious, possibly flighty, and probably have qualification issues. You may not, but history suggests there is a probability that you do.

If you really want to get a great deal in this buyers market take the time to sit down with a great loan officer and thoroughly review your financing options BEFORE you go out and tie up a property. Take the time to provide them every thing they need to really preapprove you. Your time and energy will be well spent. You will be more confident and capable and the seller who's house you are buying will have more confidence in you as well. That alone should help you get a better deal. Even in this market....especially in this market, well qualified buyers have a distinct advantage over their competition. In my market the best properties are still getting multiple offers and preference goes to the best qualified buyers.

Are you thinking of buying? Call me and I will set you up with a great loan officer that will be an asset to your offer and go the extra mile thoughout the transaction.

Situated down a private road, where there are no CCR's and your privacy is ensured by your own surrounding acreage, this 4 Bedroom one-owner home is ready for you to make it your own!

Super private grounds-approximately 1 acre landscaped with lawn, perrenials and rose bushes and the remaining property left natural for maximum privacy. The lot does slope so is not conducive to livestock or horses.

Recent updates include a newly finished detached two car garage and gleaming slab granite counters in the Kitchen.

Spacious great room is light and bright due to numerous windows. Cozy propane fireplace for chilly Winter evenings! Over 2600 square feet plus Tahoma Schools!

Now being offered at $349,950

Take the virtual tour now!

This is the Greatest Real Estate Market Ever! You may be thinking I'm nuts, you're likely not alone. I have been selling real estate in the Maple Valley, King County Market for the past 23 years and with each year of increased exposure to the daily challenges of practicing real estate my experience has grown.

During the last 10 years listing and selling houses became such a common experience that the industry became flooded with new licensees as real estate became the career of the masses and real estate investing became a required hobby for everyone. The actual level of skill required to make a good living selling homes fell to an all time low as money flowed like a river to buyers, and every seller got more than they wanted for their properties.

Who the heck needs a veteran agent to sell their house when the neighbors daughter or son just got their licensee and could do just as good a job.Those were the good old days...or were they? Every one was number one president platinum top 1% beststest ever agent, and their performance proved it. "Heck little johnny just listed my house and got $20,000 over asking price in 3 days!" became the talk of instant success. Frustrated with the low level of professionalism and, more importantly knowledge, in my colleagues I had one foot out the door.

Now the market has changed and real estate agents really have to work to get a closing.Short sales and bank owned properties take the challenge level to new heights. This is the new norm for our industry and I like it! At last the years of experience in developing systems, negotiating contracts, managing transactions and a work ethic has some value. This is where you get to get up every day and prove how good you are. No more stickers on the business cards! Now you have to buck up and show your metal or your carear is over.

My team is working harder than ever, but the future has never been brighter. The challenges are great, but our clients needs are greater than ever. Selling a home has never been so rewarding as closing a short sale and saving a client from foreclosure hell. THE STAKES ARE REAL.The country is awash in distressed properties and homeowners and they need the best we can bring to really help them through these tough times. I have never felt a deeper sense of pride in what I do and my clients have never been more grateful.

THIS IS THE BEST REAL ESTATE MARKET EVER!!!

Many first time buyers dream of that traditional 2 story home on a dead-end/cul-de-sac street where the lots are larger than a postage stamp and there's a little architectural variety to the neighborhood. Today my team and I listed this very cute 3 BR home in Maple Valley's Eastwood Forest neighborhood.

Built by Polygon homes in 1993, it features a Formal Living and Dining Room and spacious Family Room off the Kitchen/Nook area. The 2nd story boasts the Master suite with private bath and walk-in closet as well as 2 bedrooms served by a main hall full bath with Tile floors.

Recent updates include newer roof, lighting, laminate flooring, wood 6 panel doors as well as replacing the furnace within the last few years. Currently being offered at $229,950, this sale is a short sale, but is well worth a buyer's wait for bank approval!