Spaces April 4, 2011
by Eva Bergant, @properties Realtor
The Value of Pre-approvals
Realtors and Lenders are always suggesting that buyers get pre approved for their home purchases to insure that you can buy that place when you find the right one. Today’s lending market is more difficult and time consuming than ever and the value of a pre approval continues to be high. This step confirms that you really have that great credit you have worked hard to build and it outlines any steps you need to take or maintain to keep that credit score. Lenders will advise you to avoid large dollar transactions in all of your banking and investments and to avoid opening or closing credit cards, or lines -among other things.
A pre approval also shows you in real dollars what your costs are in different price ranges and for various down payments. A great lender will also outline what a change in interest rates will do to your buying power.
When you make an offer on a property this pre approval shows the seller that you are diligently pursuing the finances to purchase the property. Sellers (individuals and banks) consider this as part of the strength of your offer along with the price and other criteria.
Bucktown/Wicker Park closings this week: 3 Detached single family homes and 9 Attached homes –
1338 N Bell 3bedroom 2 bath $437,000 (market time 15 days)
1825 N Wilmot 3bedroom 4 bath $602,000
2021 N Oakley 4bedroom 3 ½ bath $725,000
2114 W North #1E, 2bedroom, 1bath, Condo garage spot, $256,000
1525 N Claremont #1B, 2bedroom, 2 ½ bath Condo, parking spot $299,900
2300 W Wabansia #210, 2bedroom 1 ½ bath Lofted Condo, garage spot $310,000
1342 N Wolcott #2, 2bedroom, 2bath, Condo garage spot $315,000
1735 N Paulina #504, 2bedroom, 2bath, Lofted condo garage spot, $330,000
2041 W Division #303, 2bedroom, 2bath, Duplex Condo, garage $340,000 (Short Sale)
1524 N Leavitt #1, 4 bedroom, 3bath, Duplex condo , garage spot, $399,000
1767 N Hoyne #J, 2bedroom, 2 ½ bath Townhouse attached 2 car garage $460,000
2028 W Division #2R, 3 bedroom, 2 bath, Condo, garage spot $655,000
*** Information sourced from MREDLLC;4/4/11. Attached Property and Detached Property residential Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)
Have a topic you’d like to see explored or a real estate question send it in.
If you’d like more information on properties currently on the market or selling your home just drop me a note at EvaB@atproperties.com