Being pre-approved may not be enough. Why?

You have some money saved up, and are ready to buy your first place, or possibly add to your real estate portfolio. You have been to the bank, spoke to a number of mortgage brokers, and got yourself pre-approved with a great rate. “Lets go shopping” you say, very exciting ! And we go and look at a bunch of properties together, you have been to open houses also, and fell in love with one. It is time to put in an offer. We sit down to go over the contract, and discus when you want to move in, the deposit, the price, and terms.
Because you have been pre-approved for your mortgage, and we are offering within the price range you were pre-approved for, and the deposit is available, this may not be enough.

We are seeing a lot of multiple offers on attached properties (condos, and townhomes) , and it is understandable that the buyer might feel pressured to go subject free.
But please keep in mind that the bank/insurer can still say NO to your financing based on other factors, such as the strata building or property you have put an offer on.

Some factors that would affect your financing for a home, may be :
If strata is going through a litigation
-Foundation Issues
-Bank Appraisals
-Strata has a large loan for upcoming project
-Building Envelope Issues
-Post Tension Cables in Condo Buildings

Always consult a professional before making any large decisions.

Diana Klejne
Keller Williams Black Diamond Realty


Ralna Burridge
City Wide Mortgage Services

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