From Fry Cook to Homebuyer? It's a Start!

Wells Fargo's economists wonder if McDonalds' recent mass hiring is a sign of things to come by other employers.  While not too many South Bay homebuyers work at McDonalds, our area's "utes" (youths) do need to pick up some work experience somewhere.  At a minimum, says the article, these jobs "will provide valuable on-the-job training for young workers, many of which have little or no work experience, that will help them become more productive workers both now and in the future." - Submitted by BCD reader Rod Kuhns

Guest Post: Pre-approval v. Pre-qualification - - Important Differences

Thanks to Rod Kuhns of Wells Fargo Private Mortgage Banking for this informative Guest Post:

Where a person sits is often where they are staked in many areas of their lives. An underlying aspect an informed buyer focusing to improve their housing is financial ability. Experience buyers know qualified real estate professionals make home buying experience more rewarding and reduce uncertainty. Quality of life and improved housing are even closer today, when buyers choose to consult with their realtor team and plan ahead.

A useful element seasoned realtor’s use to assist presenting qualified offers is the distinction between pre-approvals and pre-qualification finance approvals. The difference between the two methods has important implications. Pre-approvals let the buyer purchase the house on agreed terms versus possibly qualify for a home that could potentially own them! Informed buyers also find quality properties do not stay on the market and require planning and preparation to insure desirable results. Pre-approvals help buyers and their realtor improve on purchase offers with a purposeful buyer 'calling card'.

Pre-approvals essentially allow savvy buyers to organize in advance for a pending home that can close more quickly and counters competing interests. Additionally, sellers are known to accept pre-approved offers over pre-qualified buyers, as keeping properties off the market for 30-60 days is costly. Pre-approvals have shown increased advantages recently in all cash environments, where a purchase price can be flexibly addressed with a seasoned realtor’s negotiating ability.

A follow up and added approach using pre-approvals is to map out beforehand the level of financial comfort needed in a prospective home purchase. Often, maximum finance availability is not necessarily preferred or always required. A capable loan professional will be accommodating and work with both the realtor and home buyer to help them present their financials specific to an intended purchase and avoid over disclosing the buyer's position. Property sellers have also shown to respond well to clear offers, which use specific pre-approvals and limit sale contingencies to more generally accepted process milestones.

C.R. KUHNS - ‘Rod’
Private Mortgage Banker

Wells Fargo Home Mortgage |  2141 Rosecrans Avenue, Suite #4100  | El Segundo, CA  90245 | MAC E2856-042

Tel: (310) 266-5626 | Office: (310) 426-3938 |   Secured E-Fax:

877-402-3391 | email: rod.kuhns@wellsfargo.com

Web site address: www.wfhm.com/christopher-kuhns