The power of pre-approval in the Albuquerque Real Estate Market

(Transcript Snippet): “Tego: So I wanted to jump over to this whole conversation about being a buyer in today’s real estate market in Albuquerque, and this whole idea of getting pre-approved or pre-qualified I know those terms get used interchangeably, but the, the term we’ve been using, and the thing we’ve been saying lately is the power of the pre-approval. And what is that? And why is it so important for folks
Tracy: Is very different from pre qualified? Yes. Pre-Approval means you’re approved. We’ve checked your credit, we’ve checked your employment. We’ve looked at your taxes. We’re very confident that unless something changes and you go buy a truck and a new appliances or something, and open a bunch of credit, that you’re a very, very strong borrower.
Tego: You lose your job. That’s your job. Yeah. So, the whole idea of this, the power of the pre-approval is it gives well, it not only for when you’re, when you’re making a offer, obviously when you’re making an offer, you need to have that to show that you are a qualified buyer for that property, because when we’re getting homes where you have 20 offers, and that is not an exaggeration, we are getting, you know, 20 offers on homes. When they come on the market right now, it shows that you’re ready to go, right.
Tracy: Makes you much closer to a cash buyer than a pre qualifier qualifying.
Tego: Talk about what the differences between lenders Tracy and, and how important that is.
Tracy: Sure. So last weekend, you know, Tego, I spent most of the weekend fielding calls, texts, emails about a house that I had put on the market. And it was a hot property obviously. And in the end, we ended up with 21 offers to sift through and, you know, the it’s, it was interesting. And I kept saying that to you, I kept saying, Tego, look at this and see how they compare it to see this offer versus that offer and how they structured it. And honestly, the, there were a couple of cash offers, but there were a couple financed offers that were exceptionally strong, where the terms that they had offered in addition to financing made sense. They were waiving appraisals, they were waving inspections, or they were paying for things that maybe a seller sometimes pays for in our market. They were really tipping it in their favor. Sure. So, so the ones that were pre-approved from a local trusted lender versus ones where a lender letter came in and it said you’re pre-qualified. And once we check your credit and your stuff and subject to and subject to, then we will feel more confident. It says, this is not to be used for anything basically. And, and the ones that were from that were pre pre qualified, not pre-approved and from a lender I’d never heard of, or from an out-of-state lender, they just didn’t have the weight of a good local, trusted lender.
Tego: It has a reputation in Albuquerque that also has a reputation to protect and wants to make sure that they’re doing the right thing for our community. And there’s a bunch of those. No doubt about it.
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888