Many homebuyers are motivated by fairly immediate reasons, such as a growing family, a job relocation or a divorce. But, there are potential buyers who are not actively looking while also thinking about moving from time to time.
Those are casual buyers, and they are under no pressure to buy. But there are ways to be prepared to pounce on the perfect home if it comes along, without having to jump through all the hoops that having formal bank approval requires.
One way is to get a preapproval letter from a lender. It requires a quick credit and income check, but no onerous paperwork or the time consuming process. A preapproval letter still carries weight, at least for a while.
“It varies depending on the lender. Typically, preapprovals are good for about 60 to 90 days. What I would say is even if you don’t think you’re within that 60 to 90 period, and you’re not quite ready to do the full approval just yet, at least start the conversation with a loan officer,” said Casey Menish, president of the Northern Virginia Association of Realtors and a broker with Pearson Smith Realty in Ashburn, Virginia.
A preapproval is not guaranteed, and being denied preapproval might actually be a good thing for a casual buyer, given the time they have.
“If you’re looking six months to a year out and you need to improve your credit, or if you need to pay off some student loan debt or credit card debt or whatever it may be, it’s a great idea to start that conversation now so you actually have some time to address the issue, rather than just waiting until you find the right property and then finding out that there is something that may hold you back,” Menish said.
While casual buyers are under no pressure to buy immediately, finding the various partners they may want to work with in any purchase process well in advance is also a good idea. Menish calls it assembling your “Dream Team.”
“Interview a few realtors. Find the one who is the right fit for you. Interview a few loan officers. Find the ones who have the best potential programs for you. Have them ready in the wings, so when the right property comes along you are ready to jump and you don’t have to scramble to find the right people to help you,” she said.
Real estate agents are usually very willing to talk with potential buyers who have not committed to a timeline. That is a future client, if not an immediate one.
The same for lenders, though rates and terms constantly change, and they are unable to commit to lending programs for potential clients with unclear timelines.
There is a lot to think about ahead of time logistically when moving to a new home, and those decisions can be thrust upon buyers who are in the immediate market to buy. Those who are just thinking about a purchase down the road have the time to sort those logistics out ahead of time, too.
“If you currently own a property, are you going to rent it? Are you going to try to negotiate a rent back? Are you going to figure out a short-term living situation and sell your home first? There are a lot of questions that go into a move, and having those conversations up front allows you to be a little bit more ready when the right property comes along,” Menish said.
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