What paperwork do I need for the buying process?
The start of the Real Estate season is starting, are you ready? I've been getting a lot of questions about what paperwork buyers need in order to make an offer on a house.
Besides the contract, here's a short list of what you need--
-If you're financing the transaction you'll need a pre-APPROVAL letter (not a pre-QUALIFICATION letter). Pre-approval letters are letters from Lenders that show that they've looked through your finances and are confident they can lend you $X amount.
-Bank statements to prove you can afford the down payment you mentioned in the contract. Feel free to black out the account numbers for privacy.
-If you're paying cash, bank statements to support your all-cash offer. This can be 1 bank statement or multiple ones, as long as they add up to the offer price and can be wired to escrow 3 days before escrow closes, you should be ok. Remember, you cannot write an offer saying it's all cash and then decide to get a loan while you're in contract.
-Personal letter. These can set you apart from the other buyers. Remember--they do not work on bank owned properties or short sale transactions. Both are looking at the bottom line.
Besides the contract, here's a short list of what you need--
-If you're financing the transaction you'll need a pre-APPROVAL letter (not a pre-QUALIFICATION letter). Pre-approval letters are letters from Lenders that show that they've looked through your finances and are confident they can lend you $X amount.
-Bank statements to prove you can afford the down payment you mentioned in the contract. Feel free to black out the account numbers for privacy.
-If you're paying cash, bank statements to support your all-cash offer. This can be 1 bank statement or multiple ones, as long as they add up to the offer price and can be wired to escrow 3 days before escrow closes, you should be ok. Remember, you cannot write an offer saying it's all cash and then decide to get a loan while you're in contract.
-Personal letter. These can set you apart from the other buyers. Remember--they do not work on bank owned properties or short sale transactions. Both are looking at the bottom line.
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