NOT HAVING A PRE-QUALIFICATION LETTER FROM A REPUTABLE LENDER
Quite often Sellers receive offers on their home but the Buyer does not have their pre-qualification letter proving they can afford the home and get a loan. Sadly, that Buyer usually misses out on the home to a Buyer whose Realtor had all the correct paperwork including this letter. In some cases, the Seller receives the letter but their agent cannot get in touch with the lender to verify their qualifications and they also lose out. Having a local Realtor and local Lender who both know the correct paperwork and have a good reputation greatly increases your chances of getting the home you want. And never let your Lender represent you as your Real Estate Agent as well on the purchase, nor let your Realtor process your loan. A Realtor specializes in marketing and selling homes and a Lender specializes in getting loans approved.
When you are in a multiple offer situation, which often occurs for well-priced properties, you need every edge to succeed. It is better to be prepared beforehand, and negotiate from strength. The more confident the Seller is that you can qualify to purchase their home in a timely manner, the better your chances of winning the home of your dreams!