Today’s hot real estate market is not for the faint of heart. Not for buyer, Realtor’s or us Brokers. If anything it requires a game of patience. It is now almost commonplace for listings to receive multiple offers and end up selling for much higher than the listing price.
People who are pre approved at 500K have to start house hunting around the 375K mark if they hope to be the successful bidder on the property. Also if the broker or mortgage specialist was smart that would mean that they are pre approved at the maximum amount so putting in an offer at 515K is not going to be approved.
Once becoming the successful bidder now the real work begins for us brokers. Yes we do underwrite up front and our clients all have pre approvals before starting shopping but the lenders are all overwhelmed and back logged. What was a 4 hour turn around time on our files is now turning into 4-5 days.
So let’s all take a deep breath, say Namaste and practice some patience and know that we will get there soon.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).