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Pre Approval Letters Save Time and Give You An Edge

Tuesday, December 10, 2019   /   by Kristin Vincelli

Pre Approval Letters Save Time and Give You An Edge

Would you like to save time and have an edge buying a hot property in Florida?

Although it sounds simple, a pre-approval letter from a bank is the first step, ideally from a lender in Florida, not out of state. Realtors and sellers shy away from out of state banks. It’s common knowledge that they make big promises but lack the understanding of flood insurance and loan requirements in Florida, especially for waterfront condos. When competing against cash offers, you want to prove you are qualified and a pre-approval letter from a Florida lender will give you that edge.

When you contact us, we can supply you with names of reputable lenders who specialize in condo financing. After reviewing your income and tax documents, they can usually approve you within a few days.

If you’re planning to pay cash, you’ll need a page from your bank statement or a "proof of funds" letter from either your bank, CPA, or stockbroker. The statement should include your name, address and balance in the account. The letter should be on letterhead and state that you have the necessary funds required to purchase the residence. It does not need to disclose the entire amount, just enough to cover the purchase price. Here’s where it gets a little tricky. If you’re buying a $500,000 home, you don't want to show $600,000 since it will not help your negotiations with the seller. If possible, have them prepare a letter ahead of time but leave the amount blank so you can contact them with the proper amount and have them email it to you. 

Preparation is key when home shopping, especially in a hot market with competitive buyers. We often see people miss out on their dream home because they did not have a pre-approval letter or proof of funds from their bank. Let us help you be prepared.

Kristin Vincelli, Real Estate Advisor

Certified Luxury Specialist and Real Estate Negotiation Expert

Direct: 727-686-1596

Kristin@TomSmithTeam.com  

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