Real Tips for Home Buyers – What Every Buyer Needs to Know About Cross Approval
An emerging trend in Orange County home sales is to require the buyer to be Cross Approved in order to submit an offer to buy a home listed for sale. This means that even though you already have a pre-approval from your lender, hopefully the lender your Realtor referred you to, you still have to get an additional approval from the seller’s lender.
Why are sellers asking for this Cross Approval from home buyers? One reason is really simple – they want a shot at your business. Especially true for REO homes for sale and for Short Sales. These lenders have taken a hit on the former loan holder who went belly up, they’d love to replace that borrower with you. Make sense?
What does this requirement to get a Cross Approval mean to you as a buyer in today’s fiercely competitive (in most price ranges, especially under $750K) market? I mean you must contact the designated lender and have them review your financial picture and give you a pre-approval, just like the one you got from your lender.
To be a competitive buyer offering on a home that requires a Cross Approval, you have to go through the hoops to get the job done.
What’s the great news? I can make this whole thing SUPER EASY for you! The lenders I recommend to my buyers will do the work for you! Honestly! I Swear! They will contact the other lender, with your permission, and share your financial picture, your credit report, and ususally the results of the DeskTop Underwriting process. And they will do it quicky and professionally. Which will make you a way more competitive buyer by getting this hurdle out of the way very quickly – speeding up your offer to try to be the first complete offer submitted.
What’s the question I get the most about Cross Approval? Will it ding my credit – having another lender run my credit. The answer is emphatically “No!” Usually the Cross Approval lender will not need to re-reunn your credit – and even if they do the impact is usually only 1 point off your FICO score. No material impact on your strength at all!
So call or email me if you need more information on Cross Approvals and why they are here to stay for the forseeable future for competitive home buyers in Orange County today.
I’m Leslie, just keeping it Real in Orange County Real Estate!
An emerging trend in Orange County home sales is to require the buyer to be Cross Approved in order to submit an offer to buy a home listed for sale. This means that even though you already have a pre-approval from your lender, hopefully the lender your Realtor referred you to, you still have to get an additional approval from the seller’s lender.
I Have a Lender – Why Do I Have to Talk to That Guy?
Why are sellers asking for this Cross Approval from home buyers? One reason is really simple – they want a shot at your business. Especially true for REO homes for sale and for Short Sales. These lenders have taken a hit on the former loan holder who went belly up, they’d love to replace that borrower with you. Make sense?
What does this requirement to get a Cross Approval mean to you as a buyer in today’s fiercely competitive (in most price ranges, especially under $750K) market? I mean you must contact the designated lender and have them review your financial picture and give you a pre-approval, just like the one you got from your lender.
To be a competitive buyer offering on a home that requires a Cross Approval, you have to go through the hoops to get the job done.
What’s the great news? I can make this whole thing SUPER EASY for you! The lenders I recommend to my buyers will do the work for you! Honestly! I Swear! They will contact the other lender, with your permission, and share your financial picture, your credit report, and ususally the results of the DeskTop Underwriting process. And they will do it quicky and professionally. Which will make you a way more competitive buyer by getting this hurdle out of the way very quickly – speeding up your offer to try to be the first complete offer submitted.
What’s the question I get the most about Cross Approval? Will it ding my credit – having another lender run my credit. The answer is emphatically “No!” Usually the Cross Approval lender will not need to re-reunn your credit – and even if they do the impact is usually only 1 point off your FICO score. No material impact on your strength at all!
So call or email me if you need more information on Cross Approvals and why they are here to stay for the forseeable future for competitive home buyers in Orange County today.
I’m Leslie, just keeping it Real in Orange County Real Estate!
