Real Estate Q & A
A real estate agent asked me for a preapproval before they would show me the houses that I was interested in, is this normal?
Best Answer
I think that getting prequalified is the smartest thing to do for a couple of reasons. 1. You have a realistic idea of what you can afford. In other words, you will not be out looking at mansions if you can only afford a condo. 2. In the current market there are not many real estate agents that WANT to work with someone that is NOT prequalified. Go get prequalified. That will help you stay in your budget. That is why so many people are in foreclosure now. They went and bought a house with a $400/month payment. Then the Adjustable Mortgage Rate adjusted (read went UP) and they now have a $6000/month mortgage. Also do yourself a favor, live below your means. In other words, if you can afford a $2000/month loan payment, buy a house that has a monthly payment of $1600 or so. That way when times get tough you are not struggling.
What should I be concerned with if I'm interested in renting a home?
Best Answer
Utilities; who pays heat, water, bills. Safety (is it well lit so that you can walk around outside at any time?). How much interaction with other renters. How noisy are other renters. Is there a local law enforcement website that provides details of any criminal activity that may have occurred at or near the place you are considering. The term of the lease: 12 months, 6 months...Who is the property manager? Can that person be called upon for emergencies, i.e., busted water pipe late at night; no heat in the dead of winter...lost keys. Respect for you and your property when repairs have to be made.
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